PF is the general term used to mean provident fund, whereas in the context of employees working in establishments other than government departments or under the direct control of the government, the provident fund means Employees' Provident Fund or EPF. In a normal conversation, PF means EPF as well.
The EPF is contributory in nature with an employee's share of 12% and an employer's share of 12%. The benefit to the employees is that with every 12% contribution they make, they also receive another 12% from the employer. However, out of the employer's contribution of 12%, 8.33% is allocated to the Pension Fund, which is utilized to pay pensions to employees who reach the age of 58 with a minimum service of 10 years. Simultaneously, those who do not complete 10 years of service would also have the option to withdraw from this pension fund.
Regards,
Madhu.T.K