Dear Abbas, All is well, but for reduced pension 3% p.y. reduction is there & not 4%. Regards, KIRAN KALE
From India, Kolhapur
11From India, Kolhapur
Dear All,
I understand that the question that relates to withdrawal of 8.33% contributed by the employer towards pension scheme.
The fact is this 8.33% is not reflected in the Annual account slips Form 23 furnished by the PF organisation every year.
This amount is maintained in a corpus fund by the EPFO. This amount can be claimed by the employee if he does not complete 10 year of service in an organisation, this can be done by filing Form 10-C in case of quitting employment other than death. In case of death the nominee has to file Form 10-D to claim pension.
If the employee has completed 10 years he can still withdraw this money if he is able to convince the PF authorities that he is moving abroad or is taking up business and is unlikely to be a member of PF in the near future. But if you are unable to convince the PF authorities will furnish a scheme certificate that can be utilised by you when you join an establishment which is covered under the PF. In fact you have a choice to either opt for a scheme certificate or not in Form 10 -C.
But there is one another option, if you join an employer subsequently covered under the PF it is beneficial to transfer the PF/ EPS account to the next employer by furnishing Form 13.
By tranferring your amount, your pensionable service will mean your service with all employers in your career provided you have transferred your account properly. By opting for scheme certificate also your pensionable service with all employers will be added up eventually. This will help you in making yourself eligible for withdrawal benefits from PF account. Please note that withdrawal amount is from PF account of Employer + Employee amounts only. But for certain withdrawals only the Employee's account is considered.
The last option for you to withdraw amount from EPS (Pension) account is on your attaining 50 years and opt for reduced pension or on attaining 58 years and opt for full pension. Even if you get a scheme certificate and you are employed subsequently with employers not covered under PF you can still claim reduced pension at 50 years or full pension at 58 years.
If you still need any clarification please send a mail to
Regards
M.V.KANNAN
From India, Madras
I understand that the question that relates to withdrawal of 8.33% contributed by the employer towards pension scheme.
The fact is this 8.33% is not reflected in the Annual account slips Form 23 furnished by the PF organisation every year.
This amount is maintained in a corpus fund by the EPFO. This amount can be claimed by the employee if he does not complete 10 year of service in an organisation, this can be done by filing Form 10-C in case of quitting employment other than death. In case of death the nominee has to file Form 10-D to claim pension.
If the employee has completed 10 years he can still withdraw this money if he is able to convince the PF authorities that he is moving abroad or is taking up business and is unlikely to be a member of PF in the near future. But if you are unable to convince the PF authorities will furnish a scheme certificate that can be utilised by you when you join an establishment which is covered under the PF. In fact you have a choice to either opt for a scheme certificate or not in Form 10 -C.
But there is one another option, if you join an employer subsequently covered under the PF it is beneficial to transfer the PF/ EPS account to the next employer by furnishing Form 13.
By tranferring your amount, your pensionable service will mean your service with all employers in your career provided you have transferred your account properly. By opting for scheme certificate also your pensionable service with all employers will be added up eventually. This will help you in making yourself eligible for withdrawal benefits from PF account. Please note that withdrawal amount is from PF account of Employer + Employee amounts only. But for certain withdrawals only the Employee's account is considered.
The last option for you to withdraw amount from EPS (Pension) account is on your attaining 50 years and opt for reduced pension or on attaining 58 years and opt for full pension. Even if you get a scheme certificate and you are employed subsequently with employers not covered under PF you can still claim reduced pension at 50 years or full pension at 58 years.
If you still need any clarification please send a mail to
Regards
M.V.KANNAN
From India, Madras
Dear Kannan,
You have quoted that "If the employee has completed 10 years he can still withdraw this money if he is able to convince the PF authorities that he is moving abroad or is taking up business and is unlikely to be a member of PF in the near future".
But under what provision / clause this is possible. For calculation also, there is no criteria. The Table D is prepared upto 9 years only.
Hence please make it clear.
Abbas.P.S
From India, Bangalore
You have quoted that "If the employee has completed 10 years he can still withdraw this money if he is able to convince the PF authorities that he is moving abroad or is taking up business and is unlikely to be a member of PF in the near future".
But under what provision / clause this is possible. For calculation also, there is no criteria. The Table D is prepared upto 9 years only.
Hence please make it clear.
Abbas.P.S
From India, Bangalore
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