Yeah......I guess we don't have a penson fund here. Its a provident fund. Go figure.....
I don't believe many people(including myself) understand the difference. The fact is most employers these days are moving to "total cost of employment" packages. They give you a certain amount of loot for doing the job and you decide how you want to split it in terms of spending money and reirement benefits.
At EK they have made the decision for us, although you can put in more through the C fund. The end of service benefit is like an insurance if you like. After 7 years you get the full company contribution(I think its 7?). If you managed to screw it up and lose most of the money through bad selection of funds then they will step up and give you at least the EOS benefit amount.
I personally wish they would ditch the PF altogether and just give me the cash. Time to get real guys, you are not going to walk away with millions like an american pilot
........the PF here may not be the best in the world but it is certainly not "non existent" as implied by some people and is probably better than most.