Trust me, it pinches the employees a little when they see a part of their salary being deducted every month just like that. Hearing about the CTC package from the HR in the beginning has already excited them so much that the moment they are told in-hand take away would be lesser, it irks them.
There are many policies, schemes and funds that some professionals contribute to unwillingly and others unknowingly because they have to. One such subtraction is the Employees’ Provident Fund that goes into a separate EPF account on a monthly basis.
Despite the fact that EPF is quite deep-rooted in the corporate system now, a large number of employees are still oblivious of its benefits and are reluctant to avail the same.
So, as an employer, it is your responsibility to educate your workforce about the all-inclusive EPF, its benefits and the countless perks of online PF withdrawal.
Now, when employees are slightly convinced, it’s time to even make them happy about it. Yes, you need to tell them about the innumerous things they can do with the money they have saved for themselves as listed below:
Invest In Fixed Deposits or Mutual Funds
We are blessed with a gamut of investment plans and fund schemes by the eminent banks nowadays. The two such most popular financial security options include Fixed Deposits (FDs) and Mutual Funds (MFs). With the amount that you withdraw from your PF account, you can either apply for an FD to enjoy high rates of interest and returns from banks/ NBFCs or opt for mutual funds investment to purchase security from multiple investors.
Give Stock Market A Try
Otherwise known as Direct Equity, this is an opportunity to buy a share of legal ownership of any company. You can study the functioning of the stock market and become a part of this huge gamble. This is by far the one area that has seen humongous transformations in a person’s financial condition. Spoiler alert! It comes with an equally terrifying downside. You have the chance to become a millionaire overnight or get bankrupt in a moment. You just have to make good choices and invest wisely.
Get Your Hands Into Real Estate
8 out of 10 times, the prices and value of land and property are bound to increase. So, this is another way of putting your money in a profitable place. Go and learn how to withdraw PF online and buy a nice land/ property. If purchasing seems like a big thought, you can manage or take ownership of a real estate property and make money out of it.
“GOLD” is Gold
The gold business is one of the oldest and the most traditional ways of investing money for good. You can opt for Exchange Traded Funds (ETFs), purchase stocks in gold miners and related firms or buy this pricey metal right away to sell it for a higher price later, whenever required. The prices just always go up!
Plan An Exotic Foreign Trip
After your retirement, if you have a decent PF balance, you can make a simple online PF withdrawal and go visit the place of our dreams. All your life you just keep thinking about traveling the world, but due to a busy schedule or light pocket, you step back. This is the time of your life! Just pack your bags and leave. A feasible and exciting way of utilizing the PF money, isn’t it?
Clear Your Debts Or Repay Loans
At last, if you cannot decide on making an investment, trying to double the amount or doing fun with the money, then you can simply relieve yourselves from the burden of long-standing debts and loan repayments. Quite relaxing, right! One day there is this huge pending payment weighing you down and bam, it is gone in a click!