A provident fund is a compulsory, government-managed retirement savings scheme similar to the Social Security program in the United States. It’s used in places like Singapore, India and Mexico. Workers contribute a portion of their salaries into a provident fund and employers must contribute on behalf of their employees. The money in the fund is then paid out to retirees. In some cases, it’s paid out to the disabled who cannot work.

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Workers and employers contribute some salary which is later used to paid to retirees or disabled ones