provident fund
noun[C]
ukusFINANCE
anamountofmoneyconsisting ofregularpaymentsby anemployeeand anemployerover aperiodoftimethat theemployeereceiveswhen theyleaveacompanyorretire:
Theyreceiveagenerouspension,typically75% of lastpaydrawn, and asizeableprovidentfundpayment.