Provident Fund
A Provident Fund is an amount of money paid by an employer, and is basically like a long term savings account that you can access when you retire or earlier when meeting certain specific conditions.
An employer will make a Provident Fund payment into an account, accessible to you upon retirement or earlier when meeting certain specific conditions.
Check out more information about it here http://www.epfindia.gov.in/site_en/For_Employees.php?id=sm2_index