I was employed with a private sector bank where my employer's contribution to the provident fund was directed to the pension fund. According to the 1995 pension rules, all bank employees under the IBA pay scale are required to have compulsory pension. Due to the law's directives, we did not have the option of receiving the employer's contribution in the provident fund; therefore, the contribution has been directed to the pension fund.
After serving for 4 years and 11 months, I left the bank. Now, when I inquired about the bank's contribution, they informed me that since I did not complete the minimum years of service required for pension eligibility, they are unable to provide me with the employer's contribution. They only returned my contribution to the provident fund without the employer's contribution.
My question is, can I claim the money?
Regards,
Shiv
From India, Mumbai
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After serving for 4 years and 11 months, I left the bank. Now, when I inquired about the bank's contribution, they informed me that since I did not complete the minimum years of service required for pension eligibility, they are unable to provide me with the employer's contribution. They only returned my contribution to the provident fund without the employer's contribution.
My question is, can I claim the money?
Regards,
Shiv
From India, Mumbai
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Hi, Try contacting your Local PF - Provident Fund Enforcement Officer. They should be able to guide you on this. Regards Vasanth
From India, Pune
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3From India, Pune
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Dear Firstly clear one thing that bank is covered under the act , if yes then from where. Amit
From India, New Delhi
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From India, New Delhi
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Hi,
I believe it is true that unless you complete continuous service of ten years in any establishment, you will not be eligible for a pension. Another thing to note is that whatever contributions/funds you have received must consist of both your own contribution and the employer's contribution. In the case of withdrawal, typically two types of forms are submitted to the PF office: Form 19 for employee contribution and Form 10C for employer contribution.
I recommend confirming these details with your Enforcement Officer.
Sameer
From India, Pune
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I believe it is true that unless you complete continuous service of ten years in any establishment, you will not be eligible for a pension. Another thing to note is that whatever contributions/funds you have received must consist of both your own contribution and the employer's contribution. In the case of withdrawal, typically two types of forms are submitted to the PF office: Form 19 for employee contribution and Form 10C for employer contribution.
I recommend confirming these details with your Enforcement Officer.
Sameer
From India, Pune
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Dear Sir,
This is regarding employers' contribution to the pension fund under the 1995 act.
First of all, you have to confirm whether your company is depositing your total contribution, i.e., your own share and the employer's share. It is essential that you have completed 10 years of service. You are able to withdraw your PF contribution from both the accounts, i.e., from the PF contribution as well as the pension contribution. The essential element is that you have to serve the company for more than six months.
For the withdrawal of the pension amount, you have to submit your duly signed Form 10-C to the concerned PF department. Kindly proceed to submit Form 10-C and approach your local PF department.
Surender
Gurgaon
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This is regarding employers' contribution to the pension fund under the 1995 act.
First of all, you have to confirm whether your company is depositing your total contribution, i.e., your own share and the employer's share. It is essential that you have completed 10 years of service. You are able to withdraw your PF contribution from both the accounts, i.e., from the PF contribution as well as the pension contribution. The essential element is that you have to serve the company for more than six months.
For the withdrawal of the pension amount, you have to submit your duly signed Form 10-C to the concerned PF department. Kindly proceed to submit Form 10-C and approach your local PF department.
Surender
Gurgaon
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