What if I don\'t want to block the pension contribution ... Is there any way to prevent it... Since I don\'t want to wait till 60 yrs of age to claim same
From India, Bhilai
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From India, Bhilai
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Hi,
There is no such rule. Pension contributions only stop after attaining the age of 58 years. Until then, you have to contribute to the pension amount. After reaching 58 years, you can claim the pension amount by filling out Form 10D.
From United Kingdom, London
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196There is no such rule. Pension contributions only stop after attaining the age of 58 years. Until then, you have to contribute to the pension amount. After reaching 58 years, you can claim the pension amount by filling out Form 10D.
From United Kingdom, London
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I understand the query like this. After 9 years and 6 months of contribution towards the Pension Fund, you will not be eligible to withdraw it but will get a pension after attaining 58 years of age. At the same time, Archanasunkari wants to get it back immediately. Hope this is your query.
Pension Fund is constituted by a contribution from your employer and until last year, a nominal amount, i.e., a maximum of Rs 541 (8.33% of 6500), was contributed to it. If you withdraw it, the amount will be very nominal. On the other hand, if you receive pensions, it will be for the duration of your life. Although the monthly pension at the current rate is also nominal, we can hope that it will increase based on changes in the consumer price index in the future. The pension for a newcomer whose contribution towards the scheme reaches a maximum of Rs 1250 (at the rate of 8.33% of 15000) would invariably be a fair amount. Therefore, opting out is not advisable. Another key point is that when a law is implemented, it should be followed, and you cannot opt out of compliance.
Madhu.T.K
From India, Kannur
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Pension Fund is constituted by a contribution from your employer and until last year, a nominal amount, i.e., a maximum of Rs 541 (8.33% of 6500), was contributed to it. If you withdraw it, the amount will be very nominal. On the other hand, if you receive pensions, it will be for the duration of your life. Although the monthly pension at the current rate is also nominal, we can hope that it will increase based on changes in the consumer price index in the future. The pension for a newcomer whose contribution towards the scheme reaches a maximum of Rs 1250 (at the rate of 8.33% of 15000) would invariably be a fair amount. Therefore, opting out is not advisable. Another key point is that when a law is implemented, it should be followed, and you cannot opt out of compliance.
Madhu.T.K
From India, Kannur
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Dear Friends,
I would give an answer to Archanasunkari in a different way, based on what I understood the query to be. On pensionable service of 10 years or more, Archanasunkari won't be in a position to withdraw the pension amount credited to him/her. Once he/she completes 10 years of pensionable service, he/she has to wait until the age of 50-58 to receive pension benefits. If he/she does not wish to wait until 50-58 years or is not interested in pension benefits but in withdrawing the amount contributed so far, my answer to Archanasunkari's point is as follows:
Archanasunkari must leave employment before completing 10 years of pensionable service and then remain unemployed or work for an establishment not covered under the EPF scheme for a minimum of 2 months. Afterward, he/she can apply for the withdrawal of the pension amount. This is the only way.
Thank you.
From India, Mumbai
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I would give an answer to Archanasunkari in a different way, based on what I understood the query to be. On pensionable service of 10 years or more, Archanasunkari won't be in a position to withdraw the pension amount credited to him/her. Once he/she completes 10 years of pensionable service, he/she has to wait until the age of 50-58 to receive pension benefits. If he/she does not wish to wait until 50-58 years or is not interested in pension benefits but in withdrawing the amount contributed so far, my answer to Archanasunkari's point is as follows:
Archanasunkari must leave employment before completing 10 years of pensionable service and then remain unemployed or work for an establishment not covered under the EPF scheme for a minimum of 2 months. Afterward, he/she can apply for the withdrawal of the pension amount. This is the only way.
Thank you.
From India, Mumbai
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