Dear Sirs / Madams
My friend is working in our concern around 11 years. Next month he will resign his job. If he is eligible to withdraw the pension contribution amount (Fully) with his PF amount or not.
Thanks
Sekar
From India, Madurai
My friend is working in our concern around 11 years. Next month he will resign his job. If he is eligible to withdraw the pension contribution amount (Fully) with his PF amount or not.
Thanks
Sekar
From India, Madurai
Dear Sekar,
One who served as a member of EPS for 10 years or more will get Scheme certificate only. withdrawal is not possible. The commutation scheme is also withdrawn now.
He has no option than the scheme certificate.
If he has crossed 5o years then he may go for reduced pension.
S.Sethupathy
excellent HR Services.
From India, Coimbatore
54One who served as a member of EPS for 10 years or more will get Scheme certificate only. withdrawal is not possible. The commutation scheme is also withdrawn now.
He has no option than the scheme certificate.
If he has crossed 5o years then he may go for reduced pension.
S.Sethupathy
excellent HR Services.
From India, Coimbatore
Dear Sekar,
At the time of introduction of this EPS scheme in 1995, there was a provision of commutation of pension.
Through which the pensioner can withdraw a lump sum amount as a commutation pension and rest will be paid as monthly pension.
Let me explain it with an example-
Suppose pension sanctioned is Rs. 1000/= if you wish to commutate 30% of it for 100 months, then you will get Rupees 30000 as a lumpsum payment and balance 700 rupees will be disbursed to you as a monthly pension.
The idea behind this provision is to start a business of his own to nullify the fall in earning capacity just after the retirement. But due to some administrative reasons the provision has been withdrawn in due course.
Hope I made it clear
S.Sethupathy,
Excellent Hr Services.
From India, Coimbatore
At the time of introduction of this EPS scheme in 1995, there was a provision of commutation of pension.
Through which the pensioner can withdraw a lump sum amount as a commutation pension and rest will be paid as monthly pension.
Let me explain it with an example-
Suppose pension sanctioned is Rs. 1000/= if you wish to commutate 30% of it for 100 months, then you will get Rupees 30000 as a lumpsum payment and balance 700 rupees will be disbursed to you as a monthly pension.
The idea behind this provision is to start a business of his own to nullify the fall in earning capacity just after the retirement. But due to some administrative reasons the provision has been withdrawn in due course.
Hope I made it clear
S.Sethupathy,
Excellent Hr Services.
From India, Coimbatore
Dear Sekar,
One who served as a member of EPS for 10 years or more will get Scheme certificate only. withdrawal is not possible. .
YOU ONLY FILLED THE FORM-19 AND GET WITHDRAW FACILITY OF REST AMOUNT ASPECT PENSION
If he has crossed 58 years then he may go for reduced pension.
B/R
DEVINDER MALIK
HR EXECUTIVE IN IMPERIAL AUTO INDUSTRIES
From India, Faridabad
One who served as a member of EPS for 10 years or more will get Scheme certificate only. withdrawal is not possible. .
YOU ONLY FILLED THE FORM-19 AND GET WITHDRAW FACILITY OF REST AMOUNT ASPECT PENSION
If he has crossed 58 years then he may go for reduced pension.
B/R
DEVINDER MALIK
HR EXECUTIVE IN IMPERIAL AUTO INDUSTRIES
From India, Faridabad
Dear Mr.S.Sethupati,
We are thankful for your iputs.
Mangesh Wakodkar
[
QUOTE=sethupathy;1801841]Dear Sekar,
At the time of introduction of this EPS scheme in 1995, there was a provision of commutation of pension.
Through which the pensioner can withdraw a lump sum amount as a commutation pension and rest will be paid as monthly pension.
Let me explain it with an example-
Suppose pension sanctioned is Rs. 1000/= if you wish to commutate 30% of it for 100 months, then you will get Rupees 30000 as a lumpsum payment and balance 700 rupees will be disbursed to you as a monthly pension.
The idea behind this provision is to start a business of his own to nullify the fall in earning capacity just after the retirement. But due to some administrative reasons the provision has been withdrawn in due course.
Hope I made it clear
S.Sethupathy,
Excellent Hr Services.[/QUOTE]
From India, Pune
We are thankful for your iputs.
Mangesh Wakodkar
[
QUOTE=sethupathy;1801841]Dear Sekar,
At the time of introduction of this EPS scheme in 1995, there was a provision of commutation of pension.
Through which the pensioner can withdraw a lump sum amount as a commutation pension and rest will be paid as monthly pension.
Let me explain it with an example-
Suppose pension sanctioned is Rs. 1000/= if you wish to commutate 30% of it for 100 months, then you will get Rupees 30000 as a lumpsum payment and balance 700 rupees will be disbursed to you as a monthly pension.
The idea behind this provision is to start a business of his own to nullify the fall in earning capacity just after the retirement. But due to some administrative reasons the provision has been withdrawn in due course.
Hope I made it clear
S.Sethupathy,
Excellent Hr Services.[/QUOTE]
From India, Pune
Dear Sir,
Now Pension withdrawal Benefit is eligible for 9 Years 6 Months (Rounded Off 10 Years)
or 8 Years 6 Months (Rounded Off 9 Years).
Kindly any one advise me regarding the pension withdrawal benefit eligibility period & If
any related document (PF Office) is available Please send me for reference.
Thanks
Sekar
[/QUOTE]
From India, Madurai
Now Pension withdrawal Benefit is eligible for 9 Years 6 Months (Rounded Off 10 Years)
or 8 Years 6 Months (Rounded Off 9 Years).
Kindly any one advise me regarding the pension withdrawal benefit eligibility period & If
any related document (PF Office) is available Please send me for reference.
Thanks
Sekar
[/QUOTE]
From India, Madurai
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EPF - Pension contribution is zero WHY.jpg
PF Pension fund contribution beyond 58 years of age.pdf