EPF

EPF stands for Employees' Provident Fund, a term used for government-managed retirement savings schemes in several countries. The most prominent examples are India's Employees' Provident Fund Organisation (EPFO) and Malaysia's Employees' Provident Fund (EPF). In these systems, participation is typically required for workers in covered sectors, and both employees and employers contribute to individual accounts. The funds are pooled and invested to generate returns, with members ultimately receiving retirement income through lump-sum withdrawals, pensions, or other approved benefits.

Contributions and accounts are structured to build long-term savings. Employers and employees contribute according to rules set by the governing authorities, and the money is invested to grow over time. Members have individual accounts that track contributions and earnings. Withdrawals are typically restricted to retirement or departure from covered employment, but many schemes also allow limited withdrawals for approved purposes such as housing, education, medical expenses, or unemployment, subject to regulatory conditions.

In India, the EPFO operates under the Ministry of Labour and Employment and administers provident fund, pension, and related schemes for workers in the organized sector. It provides online services for account statements, withdrawal claims, and compliance, aiming to offer retirement security and dependent benefits.

In Malaysia, the EPF (often referred to by its Malay acronym KWSP) is managed by the EPF Board. It collects monthly contributions from employers and employees and invests them to fund retirement benefits. Withdrawals are permitted at or after retirement and for certain approved purposes, with rules that may vary over time and by individual circumstances.

Overall, EPF schemes share a common goal: encouraging long-term savings for retirement through mandatory contributions and government oversight.