EPFO Caution: Don't Withdraw All Your Funds For Petty Reasons
The Employees' Provident Fund Organisation (EPFO) has advised subscribers not to completely withdraw funds for petty reasons, saying they will lose out on the social security benefits that come only when continuity is maintained. The retirement fund body further said that provident fund (PF) account, which was meant to provide social security, should not be treated like a bank account.
"We want to convey all our members not to be tempted to make final withdrawals from their provident fund balances unless it is really necessary. They should continue to live with the fund until they retire from service,” the EPFO said.
"We are discouraging people from withdrawing in full for petty reasons, because they are not only losing on their PF money, they are also losing out big time on old age security and pension," V Ranganath, Additional- Commissioner, Central PF Commissioner, Punjab and Himachal Pradesh, said.
The EPFO's zonal office in Chandigarh, covering states of Punjab and Himachal Pradesh, held a press conference on December 12 with a view to disseminate information in this regard, and to highlight several initiatives that have been taken by it.
With inputs from Housing News