Provident fund members face withdrawal changes on March 1

UP UNTIL now there have been two distinct types of retirement funds offered by employers to their employees: pension funds and provident funds. Many companies offer both.

Traditionally, the differences between pension and provident funds were that in a provident fund your contributions were from after-tax income (in pension funds it was from pre-tax income – in other words, your contributions were tax-deductible) and that on retiring from a provident fund you could take your