Vision Of EPF

The people need to know the exact mission and vision of EPF scheme before they start registering for the scheme. By knowing the exact mission and vision, one would know about the savings scheme properly—the vision and mission state the importance, the goals, and the benefits of the scheme. EPF is a savings scheme act, which helps the employees in saving money for a better future. This money, which the employee contributes to the EPF account, returns at the time of retirement. It helps in making the future of the employee secure after retirement.

Mission Of EPF

The mission of the EPF scheme, as stated by the EPFO, is as follows:

“Our Mission is to extend the Reach and Quality of publicly managed old-age income security programs through consistent and ever-improving standards of compliance and benefit delivery in a manner that wins the approval and confidence of members in our methods, fairness, honesty, and integrity, thereby contributing to the economic and social well-being of members.”

The EPF scheme’s mission states that it will help an employee live a secure life after retirement. Through the EPF Act, the employees learn the concept of saving money, which will help them in the future. This Act was designed back in 1952 by the EPFO to encourage people to save money. Though there have been certain changes in the EPF scheme, the aim of the EPFO has not changed since then.

With the help of EPFO, many senior citizens in India can live peacefully without having to worry about any financial problems. It has helped the employees worldwide learn the concept of saving money for the future. Due to this particular scheme, people learned how to save money and got several benefits. The benefits of the EPF Act include pension, higher returns, and many more.

The Vision Of EPF Scheme

The EPFO has set certain goals to fulfill and provide the employees with a better future. The vision of EPFO is stated as below.

• Reduce the time for settlement of claims from 30 days at present to 3 days.
• Provide hassle-free service to the subscribers from the EPFO offices.
• Ensure that all the covered establishments are complying with the need of the statute.
• Encourage and promote voluntary compliance.
• Monthly updates of member account.
• On-line access to the member account.

EPFO strives to meet with the vision or the goals that it has set every day. It has been successful in providing lakhs of employees with a safe financial future after retirement. It has improved its services and has adapted a digital platform so that employees can have a hassle-free service.

As per the recent news, EPFO will cover all the working employees under the provident fund or PF pension and life insurance scheme by 2030. Though the target is a bit tough, EPFO has declared its intentions. By covering all the employees under the pension and life insurance scheme, EPFO would provide a secure future to a middle-class family. As it is clearly known that most of the employees come from a middle-class family where financial status is not too good, if EPFO covers all the families’ employees under its scheme, it will provide a secure future for the kids in the family. Having a safe pension and insurance scheme is beneficial as it would help a person live without any worries even after retirement.

Benefits Of EPF Act

There are various benefits that an employee can get by registering for EPF. Not all the employees know the concept of saving due to which EPF came in the first place. As the employees must have an EPF account, it teaches the employee more about saving money for the future.

Moreover, another benefit of having EPF is that it secures the future of an employee after retirement. EPF also provides certain interest rates, which are quite beneficial and will help in the long run. A person can withdraw from his/her EPF account only after reaching a certain age. This has been done to discourage premature withdrawals. By discouraging such withdrawals, the EPF Act helps the employees in saving money.

The savings plan was designed specifically for the employees to have a financially secure life after retirement. The great political leaders at the time of 1952 developed this particular Act so that employees can remain assured that they can live peacefully with good financial support even after retirement.

The savings plan was designed specifically for the employees to have a financially secure life after retirement. The great political leaders at the time of 1952 developed this particular Act so that employees can remain assured that they can live peacefully with good financial support even after retirement.

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Conclusion

EPF was designed for the people so that they can live a financially secure life. Having an EPF account will ensure that the employee does not depend upon anyone after retirement and can lead a sound life.