What is EPF?
The Employees Provident Fund: a retirement fund into which an employee and employer each pay twelve percent of basic pay plus dearness allowance.
Only part of the employer's twelve percent reaches the fund. 8.33% is diverted to the Employees Pension Scheme, leaving about 3.67% to accumulate alongside the employee's own contribution, so the balance grows more slowly than a flat 24% would suggest.
Not to be confused with PPF
EPF is workplace-linked and funded by both sides of an employment relationship. PPF is a voluntary account anyone can open, funded entirely by the holder, with its own limit and lock-in.