Known also as just Provident Fund or PF, this is a component of the salary that goes towards your long-term savings. Both you and your employer should each contribute 12% of your basic salary towards your PF account.

You can withdraw your PF corpus when you attain the age of retirement. This way, you have a sizable sum to meet your financial needs after you’ve retired. Partial withdrawal from your PF may also be allowed under certain scenarios.

Due date of PF payment as well as return filing is the 15th of every month.