EPFO advises people not to withdraw complete funds

Mumbai Dec 13: Employees Provident Fund Organisation (EPFO) had advised its subscribers on Tuesday that not to completely withdraw the funds for petty reasons and said that "such a move would cost them social security benefits that only come with continuity."

V Ranganath, additional commissioner, central PF commissioner, Punjab and Himachal Pradesh, said that "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."

He added that "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."

Finally, the body has added that "People should not treat the money like a bank deposit."