What is the primary purpose of the Employee Provident Fund (EPF)?

The primary purpose of the Employee Provident Fund (EPF) is to offer financial security for retirement savings. This fund is designed to help employees accumulate a savings reserve over the course of their working lives, which they can draw upon when they retire. Contributions made by both employees and employers are invested, allowing the fund to grow over time. The structure of the EPF aims to ensure that upon retirement, individuals have a stable source of income to support their living expenses, thereby enhancing financial independence in their later years. This focus on retirement savings distinguishes the EPF from other options, which address different aspects of employee welfare and development.