A provident fund (PF) is a retirement savings scheme many employers offer their employees as a benefit.
The scheme aims to help employees save a portion of their income during their working years, which they can later use to support themselves after retirement.
In a provident fund scheme, a portion of the employee's salary is deducted every month and contributed to the fund, along with a matching contribution from the employer.
ESI stands for Employee's State Insurance, which is a social security and health insurance scheme for Indian employees.
Under the ESI scheme, both the employer and the employee contribute a certain percentage of the employee's salary towards the scheme.
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