> For the complete documentation index, see [llms.txt](https://docs.7sales.7system.in/7salesdocs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.7sales.7system.in/7salesdocs/payroll/statutory-components/epf.md).
# EPF
### What is EPF?
EPF is a mandatory savings scheme for employees, governed by the EPF Act. Both the employer and employee contribute a certain percentage of the employee's salary to the EPF account. The accumulated funds serve as a retirement savings corpus, providing financial security to employees after their working years.
You can manage it by clicking the manage button over there, When you click on that you are directed to a screen like the below mentioned one:
Employees Provident Fund is a saving fund that accumulates during the employment tenure of an employee. Its objective is to manage the provident fund of the government and private sector employees, helping them financially on their retirement.\
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**Employers and Employee contribution for EPF**
Employer and employee both will contribute equally. Employer pays 12% of the basic salary and the same is paid by the employee. From the employer’s share of contribution, 8.33% is contributed towards the employer’s Pension Scheme and the remaining 3.67% is contributed to the EPF Scheme.
In case of a small establishment, the employer contributes 10% of the basic salary.
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