All across the corporate world, there is a huge buzz around the Employees’ Provident Fund. It is one of the well-known post-retirement income and benefits schemes for employees in India. Some gain in-depth information about the same, while others simply get the EPF amount deducted from their monthly salary like sheep (just because others are doing it). Now, even if you know the history of the EPFO, what it stands for, why you make this contribution, how to calculate EPF amount and how to withdraw PF online, there will still be one thing that you miss out on. Here, this detail is about the advantages or positive impacts of the EPF contribution on you on a personal level and how it helps you in the longer run.
In short, let us walk through the following points and see how the provident fund makes you provident:
You Become A Visionary
The word provident means “making or indicative of timely preparation for the future.” And that is exactly what EPF helps you achieve – in-time preparedness and having a vision to aim for and attain bigger targets in life. When you know that the PF account balance is enough to sustain a satisfactory life ahead, the other troubles that previously had a possibility of bothering you automatically vanish. So, now you have more time to have productive thoughts and be on the right track.
You Plan For Long-Term Goals
With the help of EPF scheme enrolment and regular payment of the same, you start to save a hefty amount for the post-retirement days. Now, the thought of having money secured for the future makes you plan for bigger goals in life. Also, it helps you to have new dreams that seemed unrealistic earlier and even get closer to those dreams. In this way, you become a far-sighted and ambitious individual.
You Become Self-Dependent
The official government website of EPF gives you the option of online PF withdrawal which is as easy as pie! So, even when you are old and retired, you can withdraw the EPF amount on your own and do not need assistance from another person. This ease of accessibility makes the contributors self-dependent and confident.
You Have Many Options To Pursue
Once you secure a fair amount in your EPF account, you get a gamut of options to explore and choose from. You have a wide range of options to invest this hard-earned and saved money in. For instance, you can keep the money safe through fixed deposit or mutual funds, invest it in the stock market, put the amount into real estate or gold business, you can go on a foreign trip/ vacation or you can even get enrolled in a learning program/ educational course to groom your professional/ non-professional skills.
You Have A Secure Old Age
This is the most obvious way in which EPF helps you become provident in life! Who doesn’t want a secure and free senility? There are multiple health/ medical conditions followed by heavy expenses when you get old. Imagine how satisfying it would be if you could pay your own bills at that stage too. Moreover, rather than moving to old age homes in the worst-case scenario, you will be able to take care of yourselves.
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