The Employees' Provident Fund (EPF) is a savings tool for the workforce. PF is managed by the Employees Provident Fund Organisation of India (EPFO) under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.
According to the Act, any company with over 20 employees is required to register with the EPFO. And each month, both the employer and employee, have to contribute 12% of the (employee's) basic salary each, to the provident fund account.
