While it’s not possible to directly raise your compulsory EPF contribution beyond the stipulated 12% (divided equally between the employee and employer), the voluntary provident fund offers an excellent opportunity to enhance your savings and take advantage of the higher EPF interest rate.
EPF vs PPF vs VPF: By understanding the details and aligning them with your financial goals, you can determine which scheme is more suitable for your needs.
In a way, both EPF and VPF are the same with the exception of the Voluntary Provident Fund allowing individuals to add extra money. On the other hand, PPF has a lock-in period but offers flexible withdrawals.
The VPF is carried on by the EPF. The VPF option is only available to salaried individuals who receive their monthly payments through a specific salary account.