Countries across the world have various social security programs to ensure the security of their citizens.

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Provident fund scheme is one such system that has been adopted in India. It's a compulsory retirement savings scheme directly under the government of India control.

As part of the scheme, all workers have to mandatorily contribute a portion of their salary to the scheme.

Along with this, employers too have to contribute to the provident fund of their employees.

While some withdrawals are allowed to be made prior to the retirement, the government usually puts a limit to these withdrawals made prior the defined retirement age.

Also, workers are allowed to make certain withdrawals prior to the defined age and in certain other circumstances like medical crisis.

In India, the organisation tasked with assisting various companies to set up provident fund is the Employees' Provident Fund Organisation (EPFO).

While other investment and saving options are available across the world, provident fund is still a prized savings for many due to the security it provides during old age.

With rapid urbanisation and scattering of families, provident fund provides economic stability to millions of old and vulnerable.

First Published:Jul 3, 2018 7:03 PM IST