Distributing provident funds during one’s lifetime

The savings of a compulsory provident fund which is enforced by one’s employer is generally paid out once a person reaches the age of 55 or 60. The payout is considered as a gift from one’s employer to the employee, hence, the employee is considered as the sole owner of the funds. It is not necessary upon him to distribute the funds (upon maturity) to any dependants at a particular ratio during his lifetime. The employee who is considered as the beneficiary and sole owner of the funds could use all the funds for his personal use, or, if he wishes, he may share the funds with family members. This is left solely to his discretion.