Dear Sir,
I am 59 years old and I am still employed in company Roll. I am contributing to VPF, EPF, and my employer is contributing 12%. As of today, I have completed 11 years of PF contribution. I have not taken a pension either. Please advise whether I will get an interest in Employer+Employee contribution. Will I get an 8.16% higher pension if I retire by 60 years of age?
Thanks
From India, Hyderabad
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I am 59 years old and I am still employed in company Roll. I am contributing to VPF, EPF, and my employer is contributing 12%. As of today, I have completed 11 years of PF contribution. I have not taken a pension either. Please advise whether I will get an interest in Employer+Employee contribution. Will I get an 8.16% higher pension if I retire by 60 years of age?
Thanks
From India, Hyderabad
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Your pension is due from the completion of 58 years. It doesn't matter when you actually retire. Now, since you have completed 58 years, your entire contribution, including VPF, is going into the PF corpus, and you will receive interest on the total amount.
From India, Mumbai
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1593From India, Mumbai
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Dear Mohan-Jayaraman,
Our Most Appreciated Member & Super Moderator KK!HR rightly said that your pension is due from the completion of 58 years. On completion of your 58 years, your contribution towards the pension is stopped, and that amount is credited to your PF Account by your employer. VPF portion is in PF only and never in pension. So, the question of VPF does not arise.
Since you have completed 11 years in the pension scheme, you are entitled to a monthly pension for your lifetime. You need to apply for the same. There is no interest on the amount contributed towards the pension.
We had an option to defer your pension up to 60 years of age by continuing the pension contribution. In such deferral, you were entitled to a 4% incentive extra for one year and an 8.16% incentive extra for two years.
You also have the option to apply for deferring the pension without contribution.
From India, Mumbai
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Our Most Appreciated Member & Super Moderator KK!HR rightly said that your pension is due from the completion of 58 years. On completion of your 58 years, your contribution towards the pension is stopped, and that amount is credited to your PF Account by your employer. VPF portion is in PF only and never in pension. So, the question of VPF does not arise.
Since you have completed 11 years in the pension scheme, you are entitled to a monthly pension for your lifetime. You need to apply for the same. There is no interest on the amount contributed towards the pension.
We had an option to defer your pension up to 60 years of age by continuing the pension contribution. In such deferral, you were entitled to a 4% incentive extra for one year and an 8.16% incentive extra for two years.
You also have the option to apply for deferring the pension without contribution.
From India, Mumbai
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