I have a doubt about PF transfer and gap in service period to get the eligibility of pension benefit.
"If one employee served for 8 years and contributed to PF, later he joined another company where the organization is not covered under PF. How many years of gap in service is permissible to get the benefit of the pension scheme?"
Kindly clarify my doubt.
From India, Hyderabad
Acknowledge(0)
Amend(0)
6"If one employee served for 8 years and contributed to PF, later he joined another company where the organization is not covered under PF. How many years of gap in service is permissible to get the benefit of the pension scheme?"
Kindly clarify my doubt.
From India, Hyderabad
Acknowledge(0)Amend(0)
Hello there,
There is no such limit regarding EPS. The employees who are not working (gap) are treated as a non-contributing period. Therefore, while calculating EPS, that period will not be counted. Additionally, the recent amendment states that the employee can take 75% of the EPF share in the initial month, and the rest can be saved for future employment. As a result, the account will remain active until the employee's service is completed or voluntarily stopped.
From India, Hyderabad
Acknowledge(0)Amend(0)
There is no such limit regarding EPS. The employees who are not working (gap) are treated as a non-contributing period. Therefore, while calculating EPS, that period will not be counted. Additionally, the recent amendment states that the employee can take 75% of the EPF share in the initial month, and the rest can be saved for future employment. As a result, the account will remain active until the employee's service is completed or voluntarily stopped.
From India, Hyderabad
Acknowledge(0)Amend(0)Engage with peers to discuss and resolve work and business challenges collaboratively. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Register and Log In.
PF Pension fund contribution beyond 58 years of age.pdf