New Delhi, May 20 -- Administered by the Employees' Provident Fund Organisation (EPFO) under the EPF Act of 1952, EPF is a retirement savings scheme available to salaried citizens.

The current EPF and voluntary provident fund (VPF) interest rate is 8.25%. The scheme functions through joint contributions from both the employer and employee, wherein you receive the lump sum corpus at retirement.

Eligibility for an EPF account includes the mandatory enrolment of salaried individuals with basic pay and dearness allowance of up to Rs.15,000. You can also opt for VPF if basic pay and dearness allowance (DA) exceed Rs.15,000 per month.

Notably, employee contributions up to Rs.1.5 lakh annually are exempt under Section 80C of the old tax regim...