What is the primary purpose of the EPF scheme?

The primary purpose of the EPF (Employees' Provident Fund) scheme is to promote savings for retirement. This is achieved by encouraging employees and employers to contribute a portion of the employee's salary to the fund over the course of their working life. The contributions made are accumulated with interest, creating a significant financial resource that can be accessed upon retirement. This focus on building a retirement corpus is crucial, as it provides financial security for individuals once they exit the workforce.

While other options like facilitating tax-free investments or boosting housing loans are relevant in different contexts, they are not the central aim of the EPF scheme. The scheme emphasizes ensuring that employees have sufficient funds available at the time of retirement, thereby fostering a culture of saving and financial planning for the future.