Provident fund is a savings scheme for the benefit of the employees run by the government. Employees Provident Fund Organisation (EPFO) is a governmental body which maintains and oversees the fund. Contribution to PF is mandatory for every employee, employers also contributes equally to the provident fund. Amount accumulated in the fund can be withdrawn at the time of retirement along with interest.
ESI Scheme is a comprehensive Social Security Scheme designed to accomplish the task of socially protecting the ’employees’ in the organized sector against the events of sickness, maternity, disablement and death due to employment injury and to provide medical care to the insured employees and their families.