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The Importance of an Employee Provident Fund and its Benefits

Every individual searches and then finds an employment that suits himself or herself on the basis of his or her educational qualification in order to lead a decent and comfortable life in the society in which we live. Most of the employment offers in connection to the world of today comes with a projection called employee provident fund which is termed in short as EPF. Provident fund in general, refers to a small sum of money which is retained from the salary of an employee on a monthly basis and is usually settled to the same at large during the time of his or her retirement from a particular job at the particular firm, no matter if the organization is a governmental one or a non- governmental one. During the current point of time where the process of digitalization has literally taken over the manual methods in connection to all kinds of tasks that are related to the life of the human beings and there are very many online portals through which the needs of the human beings will be satisfied in a matter of very little time. Similarly, there is a particular online platform through which you can get access to your pf balance anywhere and anytime no matter, which particular firm or company you are working for.

What are the advantages or merits of a provident fund?

The retaining of a little sum of money every month from your salary may initially seem to you like an unwanted burden as you do not get your full salary as the pay home amount, But then, a provident fund has its own advantages and they could be solidly enjoyed at a later point of time if not any time soon.

To quote an example, when you want to avail a huge sum of money as a loan at your work place, you can check your pf balance by way of the online portal and then place a claim at your work place based on it. The possibility of you getting your loan sanctioned depends greatly upon your provident fund.