New Delhi, Oct. 8 -- Both government and private-sector employees can build their retirement savings through provident fund accounts, but the contribution rules, governing bodies and withdrawal provisions under the two frameworks differ.

The general provident fund (GPF) is meant for government employees, who contribute to the scheme without any matching contribution from their employer. In contrast, the employees' provident fund (EPF) covers those in the organised private sector, with both the employee and employer contributing to the fund.

Individuals are allowed to access their provident fund balance before retirement under specified circumstances. However, the terms and conditions for taking an advance can differ between the two sche...