I am working in a spinning mill in Tamil Nadu. My mill suspended production on 30.09.15 and is treating the days of suspension on a no work-no pay basis. Now, they have applied to the government for permanent closure due to non-viability conditions. Both management and the trade union have come to an agreement for closure after settling all legal dues for everyone.
Now my question is, "Will I lose my pension from EPF due to non-contribution for a continuous 12 months? Please enlighten me on this matter, including the pension calculation method."
Thanks,
Veerappan
From India, Chennai
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Now my question is, "Will I lose my pension from EPF due to non-contribution for a continuous 12 months? Please enlighten me on this matter, including the pension calculation method."
Thanks,
Veerappan
From India, Chennai
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If your service period is 10+ years of contribution, then you are eligible. The non-contribution period would be heard by the BIFR board, and in most cases, the employer chooses to pay partial or full contribution as per settlement with the trade union and BIFR discussion and directions. EPFO becomes dormant after 36 months of non-contribution; do not worry much right now.
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