Updated on - April 2023
Yes, an employee can declare Voluntary Provident Fund (VPF) deduction as a part of their salary package, if their employer offers the VPF scheme as an option.
VPF is a contribution that an employee makes towards their provident fund account, which is over and above the mandatory contribution made by both the employee and employer.
The VPF contribution is deducted from the employee's salary and deposited in their provident fund account, where it earns interest over time. By opting for VPF, employees can save more for their retirement and also enjoy tax benefits on their contributions.
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