The Employees' Provident Fund Organisation is a statutory body of the Government of India under the Ministry of Labour and Employment. It administers a compulsory contributory Provident Fund Scheme, Pension Scheme and an Insurance Scheme. It is one of the largest social security organisations in the world in terms of the number of covered beneficiaries and the volume of financial transactions undertaken.
A retirement plan for the private and public sectors in Malaysia, enacted by the Employees Provident Fund (EPF) Act of 1991, intended to help employees save a portion of their salary in the event of retirement, disability, sickness or unemployment. As of 2007, employees are required to contribute at least 11% of their paycheck, with their employers contributing at least an additional 12%. The savings can then be used by the EPF for a wide variety of investments, and the participating employees are repaid through reinvested dividends. Employees may withdraw 30% of their accumulated EPF savings at age 50, and 100% at age 55.