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Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments.
Provident fund system: N/A: N/A Hungary: Social assistance: Private pension fund: Voluntary pension fund: N/A India: Social assistance: Mandatory Provident Fund: Voluntary pension insurance: Individual private pension plans Ireland: Basic pension: Social insurance system Pay Related Social Insurance: Occupational pension schemes: N/A Italy ...
In 1929, the Royal Commission on Labour stressed the need for creating provident funds for industrial workers. In the Indian Labour Conference held in 1948, it was generally agreed that the introduction of a statutory provident fund for industrial workers should be undertaken. The Coal Mines Provident Fund Scheme was launched in 1948.
The system tries to achieve a target of 50% of the last salary of the employee. This system has been made compulsory for all civil servants but voluntary for others. In the General Provident Fund Scheme, the employee needs to contribute at least 6% of his gross salary and there is a guaranteed return of 8%.
The Public Provident Fund (PPF) is a voluntary savings-tax-reduction social security instrument in India, [1] introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings for social security during uncertain times by offering an investment with reasonable returns ...
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The Central Provident Fund Board (CPFB), commonly known as the CPF Board or simply the Central Provident Fund (CPF), is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing [3] needs in Singapore.
The employer of every employee to whom this Act applies shall be liable to pay an amount equal to three per centum (3%) of the total earnings including Wages, salary or fees, Cost of living allowance, special living allowance and other similar allowances, Payment in respect of holidays, The cost value of cooked or uncooked food provided by the employer to employees, Meal allowance and Any ...