The question of providing for the future of industrial workers after their retirement or for their dependents, in the event of their premature death engaged the attention of the Central Government for a long time. In the Indian Labour Conference held in 1948 it was generally agreed that the introduction of a statutory provident fund scheme for industrial workers might be undertaken. To test such a scheme in a restricted field the Coal Mines Provident Fund Scheme was launched in 1948. The success of this Scheme led to the demand for its expansion to other industries.

1. Employees’ Provident Fund Scheme, 1952

2. Employees’ Deposit Linked Insurance Scheme, 1976

3. Employees’ Pension Scheme, 1995 (replacing the Employees’ Family Pension Scheme, 1971)

The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 came into effect on 4 March 1952.

EPF is commonly known as PF in India and is a scheme through which a portion of employee’s income is set aside for use during any emergency or post-retirement. The employer and employees deposit a certain percentage towards PF every month. The percentage of money to be deducted from the employee’s salary and percentage to be contributed by the employer is predefined under EPF Act.