Written by : Knowledge Centre Team
2026-01-15
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10 minutes read
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The Provident Fund is a government-backed mandatory retirement savings plan that allows people to contribute a portion of their salary to pension funds. These savings get accumulated monthly and are guaranteed regular income post-retirement. The PF account consists of large amounts of funds and can be used for planning the retirement corpus.
Employee Provident Fund is a retirement scheme in which the employees must pay a certain amount for the scheme to obtain beneficiaries post-retirement. When the employee retires or switches jobs, he receives a lump sum payment with interest. The Employees' Provident Fund Organization (EPFO) has made it mandatory for those who have invested in EPF to receive an annual interest rate of 8.50 percent.
Retirement plans come with several benefits. They are tax-free retirement plans and allow you to make better future financial plans, prepare you for unforeseen circumstances and help you maintain an equilibrium between expenses and income received. A retirement plan is largely overlooked because of the benefits obtained through provident funds. A provident fund is less reliable when it comes to PF vs retirement plans because it is received for individuals from a firm.
Another reason why having a retirement plan is crucial is that provident funds do not provide additional returns when inflation is taken into account. Apart from this, only 10 percent of the population in India has access to such social security from EPF.
A retirement plan is a long-term investment with several beneficiaries that can assist you in obtaining the appropriate financial support once you retire. Apart from this, they also come with tax benefits and are a great investment option.
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Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
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