EPF is a retirement scheme which is particularly formulated to favor the employees in many different ways. This scheme is applicable for all the employees who are receiving their monthly salary. A fraction of amount from the employee’s salary will be saved in this scheme. The employee can make use of this saving in order to run his/ her life after their retirement. This amount will also greatly help the employees who are unable to work because of any unexpected incident in their life. The most interesting fact is the employees will also be provided interest for the amount saved by them every month. The employees can enjoy several benefits through this EPF and some among them are discussed as follows.
For life after retirement
For many people life after retirement is tough financially. Since they would have run their family with their salary, this is not possible after their retirement. Hence EPF is really a great boon for these people. They can overcome their financial needs through the EPF that comes after their retirement. This amount will greatly support their life after their retirement. Thus, they can also avoid seeking financial help from other financial lenders in the market.
Senior citizens will often get exposed to various medical issues. In such case, they tend to struggle a lot as they run out of money. And because of this they fail to take the right treatment on time. But these people can easily overcome their medical needs by utilizing the EPF amount. They can undergo better treatment even after their retirement. Even the major operations can also be done with this amount. This will greatly help the people who get physically injured. The other important thing is this amount can also be used for the treatment of other members in the family.
Many people want to buy a property in order to get settled peacefully after their retirement period. These people can make use of employee provident fund to buy the property. Buying this property will also provide them a secured feel which they definitely need to spend rest of their life peacefully. They can buy home, land, farm house or any other real estate property which can yield greater benefits in future. They can also use this property to attain rental benefits for leading the rest of their life.
Apart from these, the EPF can be used for several other needs and it depends upon the financial needs of the employee. People who want to about their EPF can reveal them through the online websites. There are many options which can be used for epf balance enquiry. But to use this facility, the employee must enter the necessary detail. They must register the UAN number for epf balance enquiry. This is one of the easiest ways to know about the EPF balance. The only thing which should be noted is this registration must be done only with the official website.