Discussion
What is the full form of "PF"?
Answer: C
Correct answer: Provident Fund
A provident fund is a contributory retirement savings arrangement in which employer and employee both pay in and the accumulated balance with interest is paid out on retirement or exit.
In India the Employees' Provident Fund Organisation administers the statutory scheme, and the Public Provident Fund is its voluntary counterpart open to any individual. The distinguishing feature against a pension is that a provident fund pays a lump sum from a defined contribution, where a pension pays a stream, often from a defined benefit.
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