NEW DELHI: The Employees' Provident Fund Organisation (EPFO) advised subscribers on Tuesday against completely withdrawing funds for petty reasons, saying such a decision would cost them social security benefits that only come with continuity.
People should not treat the money like a bank deposit, the retirement fund body added.
"We want to convey to all our members not to be tempted to make final withdrawals from their provident fund balances unless and until it is really necessary. They should continue to live with the fund until they retire from service, that is our primary objective," V Ranganath, additional commissioner, central PF commissioner, Punjab and Himachal Pradesh, said.
"...We are discouraging people withdrawing in full for petty reasons, because they are not only losing on their PF money, they are also losing out big time on security in their old age and pension," he added.
People should not treat the money like a bank deposit, the retirement fund body added.
"We want to convey to all our members not to be tempted to make final withdrawals from their provident fund balances unless and until it is really necessary. They should continue to live with the fund until they retire from service, that is our primary objective," V Ranganath, additional commissioner, central PF commissioner, Punjab and Himachal Pradesh, said.
"...We are discouraging people withdrawing in full for petty reasons, because they are not only losing on their PF money, they are also losing out big time on security in their old age and pension," he added.
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