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Provident Fund how much useful

 In early days of labour laws industrial laws and administrative rules and regulation such that when someone get job or salaried  they will get salary, bonus, increments, dearness allowance, other allowances, provident fund and pension.

With the days passed on new pension scheme has implemented. Though I strongly in favour of old pension scheme at least for the disabled person those who are employed.

Provident fund popularly known as PF and PPF is the gross amount which employees are  supposed to get after retirement.

Earlier people used to stay in common family or joint family now a days they use to stay  in Flat that is nuclear family.

Now a days life style is quite different than previous days.

With the salary structure other allowances must be reframed as per the lifestyle of the employees.

Basic need of a person:

I like to calculate nuclear family with maximum member 6 numbers.

Husband, wife, two children and parents.

The minimum age for government service or private service or public sector service is 18 years in India.

If I see the life cycle of a person it is 

  1. childhood 
  2. education 
  3. higher study 
  4. service or earnings
  5. sisters marriage 
  6. self house as it is nuclear family
  7. self marriage 
  8. children their study and
  9. their settlement 
  10. parents their old age care 
  11. marriage of daughter then
  12. retirement and 
  13. personal old age.
  14. Personal funeral expenses.
With the above listed 1, 2, 3 are the the parent/guardian responsibility or they use to bear. Rest all is persons concern.

Even in new pension scheme  these all are not calculated. As per the above list number 4 onwards the new schemes or fund which is is required that is badly needed.
From the above list it is clear that the provident fund amount is meant for old age expenses which are unforeseen.

Let us understand it with the person's age concern.

  1. service or earnings- 18 to 28 years
  2. sisters marriage- 24 years 
  3. self house as it is nuclear family-25 years
  4. self marriage- 25 years 
  5. children their study and-27 years onward.
  6. their settlement- 45 to 48 years
  7. parents their old age care- 33 years onward.
  8. marriage of daughter then- 45 to 50 years
  9. retirement and - 60 years
  10. Pension- Monthly as per Old Pension Scheme.

If we see the above list now wrt age of a person then it is obvious that provident fund never helps in solving serial number 1 to serial number 8 above.

And it is also clear that provident fund only help for or old age unforeseen expenses and funeral.


So, government new policy less salary more take home money as provident fund will not really help the employees. 
Rather, leaving day by day annoying scenario.....

It will be great helpful if some new schemes launched with the 6 hours + 6 hours shift of duties.

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