EPF stands for Employee Provident Fund. This helps salaried employees save a part of their income so that they can use it after retirement/ in case of emergency when they are unable to earn. Anyone earning more than 6500/ month is eligible for EPF

The contribution of EPF done by an employee is 12% of the salary and is equally matched by the employer in most cases.

Example:
Jhilmil is 27 years old and earns 10,000 a month and she contributes 1200 from her salary to EPF and her employers do the same. If she increase her salary by 5% every year then she will accumulate 59,20,031 by the time she turns 60