Dear Sirs/Mam
I had worked in a factory for about 23years. Since the company was almost sinking due to financial loss, I had to resign the job. Upon my resignation, I immediately closed PF and applied for settlement of PF and got the amount. Meantime, I understand that ex-employees of the company can claim monthly pension thro PF upon attaining 50years of age, if the company does not exist. Pls guide me as to how do I claim my monthly pension amount. Now I am 55 years of age. During the course of time, I have applied for another job, where the management is deducting the PF amount through fresh PF a/c. Pls advise can I get pension amount from both above PF a/c.
Rgds
S.Hariharan
From India, Madras
I had worked in a factory for about 23years. Since the company was almost sinking due to financial loss, I had to resign the job. Upon my resignation, I immediately closed PF and applied for settlement of PF and got the amount. Meantime, I understand that ex-employees of the company can claim monthly pension thro PF upon attaining 50years of age, if the company does not exist. Pls guide me as to how do I claim my monthly pension amount. Now I am 55 years of age. During the course of time, I have applied for another job, where the management is deducting the PF amount through fresh PF a/c. Pls advise can I get pension amount from both above PF a/c.
Rgds
S.Hariharan
From India, Madras
Dear Hariharan,
You will not get two pensions from EPS. Please apply for transfer of the previous service in Form 19 thr' your previous employer. After service in EPF or date of attaining of 58 years, whichever is ealier, you will be eligible for pension. If you draw pension before attaining the age of 58 years, you will lose 4% on pension for each year below 58 years.
Abbas.P.S
From India, Bangalore
517You will not get two pensions from EPS. Please apply for transfer of the previous service in Form 19 thr' your previous employer. After service in EPF or date of attaining of 58 years, whichever is ealier, you will be eligible for pension. If you draw pension before attaining the age of 58 years, you will lose 4% on pension for each year below 58 years.
Abbas.P.S
From India, Bangalore
Dear Mr.Abbas
Tks for your mail. Pls note I have already closed my earlier PF a/c and taken the money from PF through the previous company and company was completely closed. Meantime, I understand from my other co-employees, that I am eligible for getting monthly pension upon attaining 50years age since the company is totally closed.
For your info, most of my previous co-employees whoever attained 50years are drawing monthly pension from PF. After a long gap, I got another job and when the management asked my about PF transfer I told them, that my earlier PF a/c was closed. Hence, the present employer has provided me another PF a/c for me. Now, I am 55 years of age.
Would like to know to how to get monthly pension from the previous PF a/c.
Since my previous employer (company is closed completely) how do I get Form19.
After attaining 58years, upon getting superannuation, am I eligible for monthly from the present employer as well as previous PF A/c.
Extremely sorry for taking your time.
Rgds
S.Hariharan
From India, Madras
Tks for your mail. Pls note I have already closed my earlier PF a/c and taken the money from PF through the previous company and company was completely closed. Meantime, I understand from my other co-employees, that I am eligible for getting monthly pension upon attaining 50years age since the company is totally closed.
For your info, most of my previous co-employees whoever attained 50years are drawing monthly pension from PF. After a long gap, I got another job and when the management asked my about PF transfer I told them, that my earlier PF a/c was closed. Hence, the present employer has provided me another PF a/c for me. Now, I am 55 years of age.
Would like to know to how to get monthly pension from the previous PF a/c.
Since my previous employer (company is closed completely) how do I get Form19.
After attaining 58years, upon getting superannuation, am I eligible for monthly from the present employer as well as previous PF A/c.
Extremely sorry for taking your time.
Rgds
S.Hariharan
From India, Madras
Dear Hariharan,
Based on age the pension eligibility can be categorised into two. 1) Attaining the age of 58 years. 2) Age between 50years and below 58 years.
Redarding the 1st, one can apply pension unconditionally. But for 2nd, there are some conditions. a) He should not be in EPF applicable service. b) for every year below 58 years, 4% each will be deducted on pension amount.
As you have mentioned that you did not attain 58 years & you are still in service with EPF, how can you apply pension? The only way out is to hide the present PF details. Then the 8.33% of present employer contribution to EPS will be lapsed. Because there is no provision to get two pensions from EPS. For those availed pension at or after the age of 50 years and joined EPF later, there will not be any contribution to EPS. The full amount will go to individual PF account as employer contribution. If by mistake EPS contribution being remitted, it will be reverted to PF. But you can neither apply for second pension nor apply to revert EPS contribution to PF. Because you have not availed pension before joining new PF. Therefore the only legal and economical way out is to apply transfer the previous EPS service to the present service. After relieving from present EPS (either due to stoppage of service or attaining the age of 58 years), apply pension based on the total service.
Abbas.P.S
From India, Bangalore
Based on age the pension eligibility can be categorised into two. 1) Attaining the age of 58 years. 2) Age between 50years and below 58 years.
Redarding the 1st, one can apply pension unconditionally. But for 2nd, there are some conditions. a) He should not be in EPF applicable service. b) for every year below 58 years, 4% each will be deducted on pension amount.
As you have mentioned that you did not attain 58 years & you are still in service with EPF, how can you apply pension? The only way out is to hide the present PF details. Then the 8.33% of present employer contribution to EPS will be lapsed. Because there is no provision to get two pensions from EPS. For those availed pension at or after the age of 50 years and joined EPF later, there will not be any contribution to EPS. The full amount will go to individual PF account as employer contribution. If by mistake EPS contribution being remitted, it will be reverted to PF. But you can neither apply for second pension nor apply to revert EPS contribution to PF. Because you have not availed pension before joining new PF. Therefore the only legal and economical way out is to apply transfer the previous EPS service to the present service. After relieving from present EPS (either due to stoppage of service or attaining the age of 58 years), apply pension based on the total service.
Abbas.P.S
From India, Bangalore
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