One of the mysteries of the English language finally explained.
(especially in SE Asia) an investment fund contributed to by employees, employers, and (sometimes) the state, out of which a lump sum is provided to each employee on retirement.
- ‘The doctors accuse the college management of not paying gratuities, provident funds and other allowances.’
- ‘Chief executive Mark Konyn said he expects regional stock markets will rise in the final months of this year, giving mandatory provident funds a boost.’
- ‘The strike action came as a result of management's refusal to make good its promise to pay back workers' money from their provident fund.’
- ‘In addition to owing salaries, £324,000 has gone missing from the provident fund.’
- ‘The workers are also demanding an increase in their provident funds, shift allowance and annual bonuses.’
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