Dear Sir/Madam,
My name is Haresh Sarange, and I am an HR Executive. I have been in this role for the past year. I would appreciate your advice on the following scenario: an employee has completed 10 years of service in an organization but has not yet reached the age of 60. This employee is a member of the EPF. Could you please clarify whether they can withdraw the total PF amount upon leaving, or if the sum amount goes towards the Pension scheme?
I am seeking information on what happens to the employee's funds after they leave the organization.
Thank you for your assistance.
Thanks & Regards,
Haresh Sarange
From India, Mumbai
Acknowledge(0)
Amend(0)
My name is Haresh Sarange, and I am an HR Executive. I have been in this role for the past year. I would appreciate your advice on the following scenario: an employee has completed 10 years of service in an organization but has not yet reached the age of 60. This employee is a member of the EPF. Could you please clarify whether they can withdraw the total PF amount upon leaving, or if the sum amount goes towards the Pension scheme?
I am seeking information on what happens to the employee's funds after they leave the organization.
Thank you for your assistance.
Thanks & Regards,
Haresh Sarange
From India, Mumbai
Acknowledge(0)Amend(0)
E.g., his basic Rs. 10,000 PF amount increases to Rs. 12,000 every month. For the employee, it amounts to Rs. 12,000 * 10 years = Rs. 144,000. For the employer, it is Rs. 12,000 * 10 years = Rs. 144,000 + interest. So, how much amount will he receive after 10 years from what is left?
From India, Mumbai
Acknowledge(0)Amend(0)
From India, Mumbai
Acknowledge(0)Amend(0)
725
Mr. Haresh, are you sure that your calculation is correct? Just check the PF deduction before 1.9.2014 (as the ceiling was Rs. 6,500 at that time). He can check his PF passbook in the UAN Portal to know the estimated withdrawal amount. He needs to apply using Form 19 and Form 10 C. In Form 10C, he needs to opt for Scheme Certificate. (He can't opt for the withdrawal of the Pension Amount, as it will be rejected). He should provide the family details and nomination details in the respective columns. He will receive the Scheme Certificate through the post. He needs to keep that Scheme Certificate safe until he reaches the age of 58 years. During that time, he needs to submit this Scheme Certificate to the PF Department.
From India, Chennai
Acknowledge(0)Amend(0)
From India, Chennai
Acknowledge(0)Amend(0)Engage with peers to discuss and resolve work and business challenges collaboratively - share and document your knowledge. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Join & Be Part Of Our Community.
PF & Pension Amdmt Scheme 2010 for IW.pdf