The EPF is a government-managed retirement savings scheme used in India and is managed by the Employees' Provident Fund Organisation (EPFO). In this scheme, employees are typically required to contribute 12% of their salary to the fund each month and their employer is typically required to match and contribute the same amount.
The EPF came into existence with the creation of the Employees' Provident Funds Ordinance in 1951 and was replaced by the Employees' Provident Funds Act in 1952. The Employees' Provident Funds Act is now referred to as the Employees' Provident Funds & Miscellaneous Provisions Act of 1952 which extends to the whole of India.
*Some exceptions to the amount and requirements may apply.