RETIREMENT SECURITY AND EMPLOYEE PROVIDENT FUND: A STUDY ON SATISFACTION AND IMPACT OF EMPLOYEE PROVIDENT FUND AMONG TEXTILE WORKERS IN KERALA
Employee provident fund one of the most important social security measures, a compulsory, government-managed retirement savings scheme used in India. The concept of ‘Social security’ is gaining much importance in the globalized economy. Social security has evolved out of man kinds quest for protection from the hazards arising out of vagaries of nature and from arising out of life and work in modern societies. Social Security is an instrument for social transformation and progress must be preserved, supported and developed as such. India being a welfare state has taken upon itself the responsibilities of granting various benefits of social security and assistance to employees. Social security provides protection to the working class against contingencies like retirement, illness, maternity, aging, death, disablement and similar conditions. We are ensuring social security through different social security legislations like Employee Compensation Act 1923, Employees State Insurance Act 1948, Employees Provident Funds and Miscellaneous Provisions Act 1952, Maternity Benefit Act 1961, and Payment of Gratuity Act 1972. The current paper attempts to find out satisfaction of benefits under Provident fund scheme among textile workers in Kerala. Provident fund specifics vary widely by country, but in general their purpose is to provide financial support for those who meet the plan’s defined retirement age. The Act is enacted to make some provision for the industrial worker for the future so that he may utilize this after retirement and his dependants may not suffer on account of his retirement or premature death.
KEYWORDS: Employee Provident Fund, Employee Pension Scheme, Employee deposit Linked Insurance, Social Security.