Painful but bold move to allow Account 1 withdrawals

MUCH of life revolves around the trade offs we make between the present and the future. The balancing act of making concessions now for future gains has been ingrained in our collective consciousness. In these pandemic times, the balancing act becomes all the more tricky as we sail into the uncharted choppy waters of public healthcare and economic crises.

However, the Finance Ministry should be lauded for allowing Employees Provident Fund (EPF) contributors to withdraw money from their Account I, as announced in Budget 2021. It is a fine balancing act that offers immediate relief to the 600,000 eligible contributors, yet does not totally rob them of financial security when they retire.