Of what purpose is the employees provident funds and miscellaneous act to the working people?

The Employees' Provident Funds and Miscellaneous Provisions Act is a social security legislation that aims to provide financial security and stability to employees during their retirement years. The Act requires employers to contribute a certain percentage of their employees' salaries to a provident fund, which is then managed by the Employees' Provident Fund Organization (EPFO).

The Act serves several purposes for working people, including:

1. Retirement savings: The Act helps employees save for their retirement by mandating contributions to a provident fund, which can be withdrawn upon retirement.

2. Financial security: The Act provides a safety net for employees in case of emergencies or unforeseen circumstances, as they can withdraw funds from their provident fund in certain situations.

3. Tax benefits: Contributions to the provident fund are tax-deductible, providing employees with additional tax benefits.

4. Social security: The Act ensures that employees have access to a reliable source of income during their retirement years, reducing the risk of poverty and financial insecurity in old age.

Overall, the Employees' Provident Funds and Miscellaneous Provisions Act plays a crucial role in promoting financial stability and security for working people, helping them save for their future and ensuring a comfortable retirement.