Full Form of PF: Provident Fund
Description: Provident fund is a compulsory retirement saving scheme for employees/workers in countries like India, Singapore and Mexico. This scheme is managed by the government. Savings in PF schemes receive comparatively high interest-rate than any other regular bank-owned saving schemes and also enjoys minimum risk.
All the savings and interest is paid as a lump sum amount to the employee at the time of retirement. In case of a premature death of employee same lump sum amount(collected till date) is provided to the employee’s family to sustain their needs. There are certain other circumstances as well under which money from PF account can be withdrawn. All the generated returns(principle + revenue) are exempted from different kinds of taxations.
Though the rules vary across countries, taking an example of India: 12% of employees basic salary is allocated to their PF account and this is exempt from any taxes as it counts as an investment under section 80C.
EPFO: Employee Provident Fund Organization manages the PF scheme in India.
Form any further information you may want to check out their website: https://epfindia.gov.in/site_en/index.php