EPFO is one among the world’s largest Social Security organisations in terms of the quantity of monetary transactions undertaken and clientele. consistent with the Annual Report 2015-16, EPFO currently maintains 17.14 crore accounts concerning its members. It provides Universal Social Security Coverage on a compulsory basis by way of Provident Fund, Pension and life assurance for all workers of the country.
Given below are the advantages of the EPF scheme:
-It helps in saving money for the end of the day.
-There is no requirement to form one , lump-sum investment. Deductions are made on a monthly basis from the employee’s salary and it helps in saving an enormous amount of cash over an extended period.
-It can help an employee financially during an emergency.
-It helps in saving money at the time of retirement and helps a private maintain an honest lifestyle