Dear Sir,
I am a little bit confused about the employee share being 12% and the employer share being 3.67% and 8.33% for the pension scheme. Now, I want to know if the remaining 8.33% is also added at the time of withdrawal of PF.
From India, New Delhi
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I am a little bit confused about the employee share being 12% and the employer share being 3.67% and 8.33% for the pension scheme. Now, I want to know if the remaining 8.33% is also added at the time of withdrawal of PF.
From India, New Delhi
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Friend, Employee share 8.33% goes to the pension fund and this shall be withdrawn if you have not completed 10 years of service. Regards, SND
From India, Madras
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From India, Madras
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Dear sir, this is ok, i am not completed 10 years of service, suppose any body completed 10 years of service than where goes the remaining contribution.
From India, New Delhi
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From India, New Delhi
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Dear Sharma,
The contribution towards the pension fund at 8.33% goes to the Pension Fund. You will be able to withdraw the accumulations provided you have not completed 9 years and 6 months of continuous service. If your service period is more than 9 years and 6 months, your accumulated contribution will be held in the pension fund of EPFO. A pension scheme certificate will be issued to you by your area EPFO, SRO, indicating your eligibility for a pension after reaching the age of 58. Please keep this certificate safe and provide a photocopy when joining another establishment where EPF contributions are made (original not required).
Upon reaching the age of 58, you can apply for a pension from EPFO along with the original scheme certificates in Form 10-D.
Regards,
M. Venkatraghavan
From India, Selam
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36The contribution towards the pension fund at 8.33% goes to the Pension Fund. You will be able to withdraw the accumulations provided you have not completed 9 years and 6 months of continuous service. If your service period is more than 9 years and 6 months, your accumulated contribution will be held in the pension fund of EPFO. A pension scheme certificate will be issued to you by your area EPFO, SRO, indicating your eligibility for a pension after reaching the age of 58. Please keep this certificate safe and provide a photocopy when joining another establishment where EPF contributions are made (original not required).
Upon reaching the age of 58, you can apply for a pension from EPFO along with the original scheme certificates in Form 10-D.
Regards,
M. Venkatraghavan
From India, Selam
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Dear Sharma,
Mr. Venkatraghvan has explained the facts and factuals perfectly. I agree with him but want to add one thing: if any employee doesn't continue in employment after receiving the scheme certificate or is an employee in a situation where the provisions of the EPF & MP Act 1952 have not been attracted, then on completion of the age of 50 years, he shall apply for the reduced pension with Form 10 D. An employee of this type would lose pension by 4% per year. That is to say, for every 100, he will receive Rs. 68 as a pension.
Regards,
KIRAN KALE
From India, Kolhapur
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Mr. Venkatraghvan has explained the facts and factuals perfectly. I agree with him but want to add one thing: if any employee doesn't continue in employment after receiving the scheme certificate or is an employee in a situation where the provisions of the EPF & MP Act 1952 have not been attracted, then on completion of the age of 50 years, he shall apply for the reduced pension with Form 10 D. An employee of this type would lose pension by 4% per year. That is to say, for every 100, he will receive Rs. 68 as a pension.
Regards,
KIRAN KALE
From India, Kolhapur
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@suyoglabourconsultant & Mr. Venkatraghavan: Generally, whenever anyone wants to withdraw the EPF fund, there are two forms to be submitted together, Form 19 & 10C. Is it necessary to withdraw the EPF amount even if one wants to withdraw only the pension fund?
From India, Bangalore
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From India, Bangalore
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Sir, I am Ramchander. I have completed 10 years in the company. How much amount goes to pension? Kindly tell me, sir.
Currently, my salary is 9600/- (5865 + 2077 + 1500 for basic, VDA, and HRA). The EPF deduction from my salary is 953/- per month.
From India, Hyderabad
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Currently, my salary is 9600/- (5865 + 2077 + 1500 for basic, VDA, and HRA). The EPF deduction from my salary is 953/- per month.
From India, Hyderabad
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The views of Mr Venkataraghavan is correct. But would like to add that an employee can avail pension at a reduced rate after his completion of 52 years. R K Nair
From India, Aizawl
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From India, Aizawl
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Dear Godzy,
When Godzy is asking, I should definitely answer,
1. I would elaborate on the matter regarding EPS only.
2. For EPS, i.e. Employee's Pension Scheme, a member should have to render a total service of 10 years. During this period, contributions should be remitted, and then they will be entitled or eligible for a pension.
3. For getting superannuation pension in hand, a member should be 58 years of age; for reduced pension, they should be 50 years or older.
4. One who is eligible can opt for a pension on completion of 50 years of age as per the provision which is called 'Reduced Pension.' In reduced pension, the amount of pension shall be reduced by 4% for every year the age falls short of 58 years.
5. Obviously, a member who opts for reduced pension at the age of 57 will receive 96% of the pension, and by this analogy, they will lose 4% every year as per their age. For example, at 56, it will be 96-4=92, at 55, 92-4=88, at 54, 88-4=84, at 53, 84-4=80, at 52, 80-4=76, at 51, 76-4=72, and finally at the age of 50, 72-4%=68. This way, a member opting for reduced pension will receive a reduced pension amount according to their age on the date of application in Form 10 D.
I hope this helps you understand the matter in question.
Regards,
KIRAN KALE
From India, Kolhapur
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When Godzy is asking, I should definitely answer,
1. I would elaborate on the matter regarding EPS only.
2. For EPS, i.e. Employee's Pension Scheme, a member should have to render a total service of 10 years. During this period, contributions should be remitted, and then they will be entitled or eligible for a pension.
3. For getting superannuation pension in hand, a member should be 58 years of age; for reduced pension, they should be 50 years or older.
4. One who is eligible can opt for a pension on completion of 50 years of age as per the provision which is called 'Reduced Pension.' In reduced pension, the amount of pension shall be reduced by 4% for every year the age falls short of 58 years.
5. Obviously, a member who opts for reduced pension at the age of 57 will receive 96% of the pension, and by this analogy, they will lose 4% every year as per their age. For example, at 56, it will be 96-4=92, at 55, 92-4=88, at 54, 88-4=84, at 53, 84-4=80, at 52, 80-4=76, at 51, 76-4=72, and finally at the age of 50, 72-4%=68. This way, a member opting for reduced pension will receive a reduced pension amount according to their age on the date of application in Form 10 D.
I hope this helps you understand the matter in question.
Regards,
KIRAN KALE
From India, Kolhapur
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Dear GODZY,
One can withdraw both the amounts that stand in his credit when his service of EPF & EPS is below 9.6 years. He can withdraw only the EPF account by filling Form No. 19 and keep his EPS account as it shall be continued when he joins a new company where he becomes a member of EPF/EPS. He could save service years for the eligibility of 10 years or otherwise by the withdrawal of the EPS amount through Form 10 C. He will lose service benefits and have to start anew to meet the required 10 years of service. PF withdrawal doesn't affect anymore.
Regards,
KIRAN KALE
From India, Kolhapur
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One can withdraw both the amounts that stand in his credit when his service of EPF & EPS is below 9.6 years. He can withdraw only the EPF account by filling Form No. 19 and keep his EPS account as it shall be continued when he joins a new company where he becomes a member of EPF/EPS. He could save service years for the eligibility of 10 years or otherwise by the withdrawal of the EPS amount through Form 10 C. He will lose service benefits and have to start anew to meet the required 10 years of service. PF withdrawal doesn't affect anymore.
Regards,
KIRAN KALE
From India, Kolhapur
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Gazette Notification EPF Withdrawal-Circ ular-No.-WSU-39 12017-Housing-S cheme.pdf