Provident Fund

Provident Fund,

How To Define Provident Fund?

  • The definition of Provident Fund is: Pension funds are government-mandated mandatory pension schemes used in Singapore, India and other developing countries. In some ways, these funds look like a combination of 401 (k) and social security schemes used in the United States. They have some of the same features as the pension funds provided by the employer.

  • A way to save for retirement. Employers and employees pay regularly, usually in equal amounts, to the investment fund, which is paid to employees after retirement, usually as a one-time compensation.

Literal Meanings of Provident Fund

Provident:

Meanings of Provident:
  1. Prepare or show up in advance for the future.

Sentences of Provident
  1. He learned to look to the future

Synonyms of Provident

shrewd, careful, politic, sagacious, sensible, forearmed, wise, prudent, circumspect, commonsensical, cautious, thrifty, judicious, far-sighted

Fund:

Meanings of Fund:
  1. Provide money for a specific purpose.

  2. The amount of savings or money available for a specific purpose.

Sentences of Fund
  1. The World Bank refused to finance the project

  2. Created a fund to coordinate economic investment

Synonyms of Fund

pool, sponsor, provide finance for, endow, back, finance, put up the money for, maintain, be a patron of, support, float, kitty, subsidize, capitalize, underwrite, purse, provide capital for, pay for, collection, reserve