The Public Provident Fund (PPF) scheme was introduced in India in 1968 by the National Savings Organization. It is considered as one of the best small schemes that provide good returns. Individuals who are looking to make an investment that helps them save on taxes and earn decent returns must invest in a PPF account. Since it was introduced by the Indian Government, the risks are low when investing in a PPF. In a financial year, investors can invest a minimum of Rs.500 and a maximum of Rs.1.5 lakh towards a PPF account. Individuals can avail loans, withdraw his/her money, and extend the duration of the account.
The promulgation of Employees' State Insurance Act, 1948(ESI Act), by the Parliament was the first major legislation on social Security for workers in independent India. It was a time when the industry was still in a nascent stage and the country was heavily dependent on an assortment of imported goods from the developed or fast developing countries. The deployment of manpower in manufacturing processes was limited to a few select industries such as jute, textile, chemicals etc. The legislation on creation and development of a fool proof multi-dimensional Social Security system, when the country's economy was in a very fledgling state was obviously a remarkable gesture towards the socio economic amelioration of a workface though limited in number and geographic distribution. India, notwithstanding, thus, took the lead in providing organized social protection to the working class through statutory provisions.