With the intention of helping salaried people save money for their retirement, EPFO has introduced Employees Provident Fund or EPF. Under this scheme, employees will contribute 12% of their basic salary and dearness allowance towards the EPF account and the same amount will be contributed by the employer. If employees wish to contribute more than 12% towards EPF, there is an option called VPF or Voluntary Provident Fund. Under this option, employees can contribute beyond 12%. The maximum contribution employees can make is 100% of their basic salary and dearness allowance. The interest will be offered at the same rate as the EPF. Watch this video to know everything about VPF.
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