What is the difference between Provident Fund and Employee Provident Fund?

Hello Folks,
Can you plz tell me what is the difference between Provident Fund and Employee Provident Fund?

<p style="text-align: justify;">PF and EPF are the same things. The 12% of the amount is being deducted from the employee's salary and the same amount is contributed through an employer but now the rule has been changed after COVID 19, for employers part contribution amount has been 10% of the gross salary and it is deposited in pf account of every month.</p>
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<p style="text-align: justify;"><br /><strong>If you knowing to say the difference between PPF and EPF</strong></p>
<p style="text-align: justify;">PPF is a public provident fund which can be opened by any citizen of India in a post office, government bank or some private banks also like ICICI bank, HDFC, Axis etc.</p>
<p style="text-align: justify;"><br />PPF the minimum compulsory contribution per year is Rs. 500 and the maximum amount one can deposit is Rs. 1.5L per annum. The interest rates are declared quarterly. PPF has a lock-in period of 15 years, though after seven years of completion we are allowed for partial withdrawals.</p>
<p style="text-align: justify;"><em><strong>EPF is mandatory and PPF is voluntary.</strong></em></p>
<p style="text-align: justify;">I do hope from the above points you will have understood <a href="https://hrone.cloud/provident-fund-pf/">what is pf</a> or difference between PPF and EPF!</p>

PF and EPF are the same things. The 12% of the amount is being deducted from the employee's salary and the same amount is contributed through an employer but now the rule has been changed after COVID 19, for employers part contribution amount has been 10% of the gross salary and it is deposited in pf account of every month.

If you knowing to say the difference between PPF and EPF

PPF is a public provident fund which can be opened by any citizen of India in a post office, government bank or some private banks also like ICICI bank, HDFC, Axis etc.

PPF the minimum compulsory contribution per year is Rs. 500 and the maximum amount one can deposit is Rs. 1.5L per annum. The interest rates are declared quarterly. PPF has a lock-in period of 15 years, though after seven years of completion we are allowed for partial withdrawals.

EPF is mandatory and PPF is voluntary.

Get more information: https://hrone.cloud/provident-fund/

Employee Provident Fund is a defined contribution scheme, wherein, there's an equal contribution of a fixed sum to the Employee Provident Fund Organization from both, the employer and the employee. In case the provident funds have exempt status, the employer is responsible for the provision of benefits and must ensure that the fund earns at least equivalent to EPFO rate or more. To know more, <a href="https://kapadiaglobal.com/">read here!</a>

The gross Salary here includes Basic + DA for one Month and the deducted amount is maintained by EPFO Accounts. But in some Organizations the fund is managed by Organizations through LIC etc. Hence the annual deduction and deposit statement i.r.o. of an Employee is to be obtained from F&A Section of the respective Organization.

Well, Provident Fund and Employee Provident Fund (EPF) are the same thing. There is no difference between the two, hence there should be no confusion.

For EPF, both the employee and the employer contribute an equal amount of 12% of the monthly salary of the employee. Employees can contribute more than 12% of their salary voluntarily, however the employer is not bound to match the extra contribution of the employee. There is a very well written blog on how PF calculations are done, you may like to read it and get more information https://empxtrack.com/blog/esi-pf-statutory-compliance/ .

There’s one more long-term investment scheme called Public Provident Fund (PPF) which provides income tax deduction under section 80C for the amount invested (subject to a limit of Rs 1.5 lakh a year). In the PPF scheme, an employee can invest their money without any involvement of their employer and it has a lock period of minimum 15 years.