Persuasive Speech - Misuse of PF account

Misuse of PF accounts

PF is a scheme intended to help employees from both private and non-pensionable public sectors save a fraction of their salary every month in a saving scheme, to be used in an event that the employee is temporarily or no longer fit to work or at retirement.

There are facts about provident funds that I would like to point to – First, this scheme is mandatory for all employers, most employees benefit out of this scheme and second, the PF amount grows at a compound rate, that is a PF account is like money deposited in a bank on which the bank pays interest to the account holder who is the employee in this case.

There is this culture in India that people tend to withdraw money from their PF account as and when their bank accounts are short of money. Indians have an anti sentiment towards taking loans to satisfy their needs and they see their PF accounts as another ordinary bank account.

However, there is one thing that all of us need to realise, if we keep disturbing our PF account then it does not compound to an amount that it has a potential to. It accounts to a much lesser value if we keep withdrawing from our PF account time and again. I read about this behaviour of Indians in an article on reuters.com and it is something that I have seen my Dad do too, so I could directly relate to it and hence I am writing a blog about it. He told me that he was never aware of this fact and it hit me that similar is the case with most of the others who do so. So, I would like all of you to become aware of the importance of your PF account and use it wisely in future.


This is an assignment for Advanced Communication and Analysis Course at FORE School of Management 
Sameer Narula
191169
FMG19C
sameernarula@foreian.com