Subtractions are good………only in math problems! For an employee, they are exasperating.
Two factors really excite every employee- CTC package told at the beginning and of course the Salary Day. However, every HR wrecks this excitement by presenting their in-hand salary after break-up. While some employees contribute certain schemes, policies and funds willingly, others are bound to do so. Out of all, the most common deduction is the Employees’ Provident Fund which goes into a separate account every month.
EPF may have deep-rooted in the corporate world today but most employees are still unaware of its advantages and say a big “NO” to it. Hence, it is the duty of an organization to not only help its employees to know about EPF but also its benefits and multiple advantages of online PF withdrawal.
Here are the 7 points you should tell your employees when they irk hearing EPF!!!
- Mutual Funds or Fixed Deposits
Luckily, we are offered numerous investment policies and fund schemes by the renowned bank today. Two such well-known options are Mutual Funds (FDs) and Fixed Deposits (FDs). Tell your employees that they can invest their PF amount either ways. Applying for FDs will provide them high rates of interest whereas investing in mutual funds will render them security from many investors.
- Stock Market
The stock market is an exceptional opportunity to purchase a share of the legal ownership of an organization. Employees can literally transform their financial condition by stock market investment. However, such investments come up with both pros and cons; while some people become filthy rich, others end up getting bankrupt. Hence, never forget to educate the employees on both sides. Ask them to research well, take correct decisions and invest carefully.
- Real Estate
Most of the time, the price of property and land does increase. Therefore, employees have yet another opportunity to invest their PF money. As an HR manager, guide them about “online PF withdrawal” and how to purchase a good property/land. And if purchasing doesn’t seem like a good option, they can also acquire ownership of any real estate property to make more money.
Old is gold!
Despite one of the oldest investing methods, the gold business still remains the most profitable way to invest money. One can choose Exchange Traded Funds (ETFs) or buy stocks in gold miners or various other firms, then sell it for a profitable price later. After all, gold prices always go up!!
- Foreign Trip
From joining to retirement, an employee makes a list of multiple dream places to visit. Well, employees with a good PF balance can make their dream come true. All they need to do is an easy online PF withdrawal, book a ticket and fly to their dream place. For people with no such responsibilities or debts can utilize their PF money this way. Both feasible and thrilling!!!
Good employers are those who leave no doubts within an employee. Hence, convince your employees by explaining every minute details, even how to withdraw PF online also.
When employees know and understand the aforementioned benefits, surely they’ll be more than happy and won’t be hesitant to avail Employees’ Provident Fund.