Employees’ Provident Fund (EPF) is an investment fund that is built over a long term on the contributions made by the employee, employer, and the government (in some cases). It is the social security program administered by a statutory body called the Employees’ Provident Fund Organisation (EPFO) to provide a safety net to people on their retirement. The amount invested over the years, along with specified interest, is paid out to an employee on his/her retirement.
Employees’ Provident Fund can be withdrawn by the employee in either of the below cases-
- At the time of retirement (On or after 58 years of age)
- If unemployed for two months of time
- Death before the specified retirement age