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Provident Fund


Provident Fund a fund in which subscriptions or deposits of any class or classes of employees are received and held in a separate or usually in their individual accounts. It includes any contribution and any interest or increment accruing on such subscriptions, deposits or contributions under the rules of the fund defined in the Provident Funds Act 1925 (Act XIX of 1925).

The Act provides three types of provident fund: the Government Provident Fund, Railway Provident Fund and Contributory Provident Fund. The Government Provident Fund is constituted by the authority of the government for any class or classes of persons in the service of the Republic. It also includes persons employed in educational institutions or employed by bodies existing exclusively for educational purposes. Railway Provident Fund is established by the authority of the railway administration for any class or classes of its employees. In case of Contributory Provident Fund, contribution in any amount is credited in a provident fund by any authority administering the Fund. This is done to add to the credit of an individual account in the fund. [AMM Shawkat Ali]