Why do we need financial literacy ?

Financial literacy is the process by which investors improve their understanding of financial markets, products, concepts and risks. Through information and objective advice, they develop the skills and confidence to become more aware of financial risks and opportunities and make informed choices to improve their financial position.
Financial education primarily relates to personal finance, which enables individuals to take effective action to improve overall well-being and avoid distress in financial matters.
Financial literacy goes beyond the provision of financial information and advice. It is the ability to know, monitor, and effectively use financial resources to enhance the well-being and economic security of oneself, one’s family, and one’s business.

Before Investing Know All About Provident Fund

Provident Fund benefits

Purpose: To provide a lump sum amount to the employee at the time of retirement or permanent disability.

•       The contribution which shall be paid by the employer to the Fund shall be 12% of the basic wages and dearness allowance.

•       The employee’s contribution shall be equal to the contribution payable by the employer in respect of him and may, if any employee so desires, be an amount exceeding 12% of his basic wages and  dearness allowance

•       The employer shall not be under an obligation to pay any contribution over and above his contribution payable.