Hi
I have been told to accumulate my PF since i keep moving from one company to another. Till now i have over 10 years of continuous service, i have the following doubts:
1. After retirement at the age of 60 what would be monthly pension - on what basis is this decided
2. Can i do a calculation based on todays salary - if so what is the calculation
3. If i retire from service before 60 years will I be still eligible for the same - if so from when i may expect pension.
4. Also several of my colleagues are interested in removing PF money when they move from one organization, is this really a good option or waiting till 60 years.
Thanks
Regards
Satish V
From India, Mumbai
I have been told to accumulate my PF since i keep moving from one company to another. Till now i have over 10 years of continuous service, i have the following doubts:
1. After retirement at the age of 60 what would be monthly pension - on what basis is this decided
2. Can i do a calculation based on todays salary - if so what is the calculation
3. If i retire from service before 60 years will I be still eligible for the same - if so from when i may expect pension.
4. Also several of my colleagues are interested in removing PF money when they move from one organization, is this really a good option or waiting till 60 years.
Thanks
Regards
Satish V
From India, Mumbai
Dear Satish,
1. After completion of the age of 58 years you are eligible for pension even you continue in service, provided you have a service of 10 years. Don't wait till completion of 60 years.
2. To get pension before the age of 58 years there are three conditions.
A. He should not be in service
B. 4% will be deducted from pensionable amount for each year below 58 years.
C. He/she should have completed an age of 50 years.
3. Withdrawal of PF amount has no connection with pension. PF and pension fund are seperate accounts.
4. For pension calculation the following details has to be furnished.
1. Date of birth
2. Date of Join
3. Date of relieving
4. Break in service (if applicable)
5. Salary on 16.11.95 (if applicable)
6. Average salary of last twelve months.
Abbas.P.S
From India, Bangalore
5171. After completion of the age of 58 years you are eligible for pension even you continue in service, provided you have a service of 10 years. Don't wait till completion of 60 years.
2. To get pension before the age of 58 years there are three conditions.
A. He should not be in service
B. 4% will be deducted from pensionable amount for each year below 58 years.
C. He/she should have completed an age of 50 years.
3. Withdrawal of PF amount has no connection with pension. PF and pension fund are seperate accounts.
4. For pension calculation the following details has to be furnished.
1. Date of birth
2. Date of Join
3. Date of relieving
4. Break in service (if applicable)
5. Salary on 16.11.95 (if applicable)
6. Average salary of last twelve months.
Abbas.P.S
From India, Bangalore
Greeting All,
Does any one know that 12% (780) of employer share directly goes to the EPF a/c of a retired person.
under which section does it come,please copy that link or article and help me out.
i couldn't find it.
After attaining the age of 58 years of employee,employer full 12% contribution goes to EPF a/c.Is it true?
Waiting for your valuable information.
Abbas sir waiting 4 ur reply
Regards
Parwej Khan
From India, Calcutta
Does any one know that 12% (780) of employer share directly goes to the EPF a/c of a retired person.
under which section does it come,please copy that link or article and help me out.
i couldn't find it.
After attaining the age of 58 years of employee,employer full 12% contribution goes to EPF a/c.Is it true?
Waiting for your valuable information.
Abbas sir waiting 4 ur reply
Regards
Parwej Khan
From India, Calcutta
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Pension-deferri ng till 60 years.pdf