what is provident fund ??
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Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments.
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An investment fund contributed to by employees, employers, and (sometimes) the state, out of which a lump sum is provided to each employee on retirement is known as provident fund.
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