Provident fund meaning: Learn about Provident Fund

Learn about Provident Fund (PF), Definition, benefits, eligibility, contributions, withdrawal process, and how it ensures financial security post-retirement. A provident fund is a government-managed retirement savings scheme used mainly in Asia and Africa. Learn how it differs from Social Security and 401 (k) plans, and how it works for retirees and people with disabilities. Types of Provident Funds and the importance of taxes: Depending on different tax conditions and their implications, there are four types of funds, including: Statutory Provident Fund Recognized Provident Fund Unrecognized Provident Fund Public Provident Fund Statutory Provident Fund (SPF): The local authorities, government agencies, railways, universities, etc. They manage this Provident fund. This action falls within the scope of the Insurance Funds Act of 1925. Employers may not have tax ... A provident fund is a government-managed, mandatory retirement savings scheme used in India, Singapore, and other developing nations. These funds also share some characteristics with pension funds provided by employers.