New Delhi, Sept. 6 -- Employee Provident Fund (EPF) is an important part of building retirement savings for salaried employees. A part of your salary goes into your PF account every month, while your employer also makes a contribution towards it.

Individuals who switch careers or move to a job where EPFO-managed provident fund is not applicable may stop making regular contributions to their PF account. Similarly, the employer also stops their contribution towards both EPF and EPS.

The employee generally contributes 12% of their basic wages plus dearness allowance to EPF, while the employer also contributes 12%. Of the employer's contribution, 8.33% is typically diverted towards the Employees' Pension Scheme (EPS), and the remaining port...