Dear HR Professionals, I have below quarriers regarding PF.
1) if an employee is enrolled in PF since 2007 and his current basic salary is 1,85,000 per month and his age will be completing 58 years in March 2023, can he withdraw 100% of PF and pension money?
2) If an 8.33 % pension contribution of an employer if he can get monthly so what will be his monthly pension amount?
3) if the monthly pension amount is less than what he has accumulated so far in the pension fund then what to suggest to other employees?
whether withdraw pension anyhow before 9.5 yrs?
4) Can the employee extend his PF contribution till 60 yrs?
Its humble request to resolve my above query.
From India, Mumbai
1) if an employee is enrolled in PF since 2007 and his current basic salary is 1,85,000 per month and his age will be completing 58 years in March 2023, can he withdraw 100% of PF and pension money?
2) If an 8.33 % pension contribution of an employer if he can get monthly so what will be his monthly pension amount?
3) if the monthly pension amount is less than what he has accumulated so far in the pension fund then what to suggest to other employees?
whether withdraw pension anyhow before 9.5 yrs?
4) Can the employee extend his PF contribution till 60 yrs?
Its humble request to resolve my above query.
From India, Mumbai
Hi,
1) He can withdraw 100% money if total service rendered is less than 10 years.
2) 8.33% pension contribution with a upper ceiling limit of Rs.1250/- per month. If total service rendered is more 10 years then he is eligible for monthly pension. amount depends on his total contribution to pension fund.
3) Obviously monthly pension amount would be meagre which will be paid from the accumulated fund. Employees who are serving for more than 10 years will get pension contribution as monthly pension only.
4) If employee continue on rolls PF can be contributed where as pension contribution stops after 58 years. Member can opt for receiving pension after attaining 59 or 60 years of age .
From India, Madras
9511) He can withdraw 100% money if total service rendered is less than 10 years.
2) 8.33% pension contribution with a upper ceiling limit of Rs.1250/- per month. If total service rendered is more 10 years then he is eligible for monthly pension. amount depends on his total contribution to pension fund.
3) Obviously monthly pension amount would be meagre which will be paid from the accumulated fund. Employees who are serving for more than 10 years will get pension contribution as monthly pension only.
4) If employee continue on rolls PF can be contributed where as pension contribution stops after 58 years. Member can opt for receiving pension after attaining 59 or 60 years of age .
From India, Madras
1. Since he has been in service since 2007, he cannot withdraw his pension contribution.
If he has been contributing on his full basic salary, ie, 12% of 1,85,000, then can give an option for higher pension now, and if so he would be entitled to get a higher pension.
2. If he has been contributing to PF on the statutory salary of Rs 15000, then with a total service of 16 years he may get a monthly pension of Rs 3428.
3. Monthly pension is lifetime pension extended to spouse and children. Withdrawing the same at 9.5 years of service is just foolishness.
4. He can opt for getting pension after 60 also with an incentive amount.
From India, Kannur
If he has been contributing on his full basic salary, ie, 12% of 1,85,000, then can give an option for higher pension now, and if so he would be entitled to get a higher pension.
2. If he has been contributing to PF on the statutory salary of Rs 15000, then with a total service of 16 years he may get a monthly pension of Rs 3428.
3. Monthly pension is lifetime pension extended to spouse and children. Withdrawing the same at 9.5 years of service is just foolishness.
4. He can opt for getting pension after 60 also with an incentive amount.
From India, Kannur
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Early PF withdrawal won’t be easy.pdf
Guide Lines for PF Withdrawal.doc