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Contribution: Both employees and employers contribute to the PF. Typically, a percentage of the employee's salary is deducted and deposited into the fund, with the employer making a matching contribution.
Interest: The amount in the PF usually earns interest over time.
Withdrawals: PFs are generally intended for retirement savings, but there may be provisions for withdrawals under certain conditions, such as for medical expenses, education, or purchasing a home.
Tax Benefits: Employer contributions to a PF are tax-deductible, and the interest earned is often tax-free, although there may be tax implications upon withdrawal.
Administration: The fund is managed by a designated authority or financial institution that oversees the investments and ensures the proper management of contributions and withdrawals.
