Dear Sir I have worked for the organization for exactly 9 yrs 24 days and resigned. Now am i eligible for withdrawal of both PF and Pension fund benefit?.
Kindly advise me as i don't want to continue my pension Fund.
Regards
Narasimharaj
From India, Mumbai
Kindly advise me as i don't want to continue my pension Fund.
Regards
Narasimharaj
From India, Mumbai
517
Hi,
Though you are eligible for withdrawal, please consider following:-
For pension under EPS, the minimum contribution period is ten years. For want of one more year of service, you will be losing an old age benefit of pension. I would suggest that you continue to work for one more year with contribution to EPF/EPS so that you will be eligible for pension. Secondly, if you withdraw the EPS contribution, you will be losing a portion of the contribution.
With best wishes,
From India, Mumbai
Though you are eligible for withdrawal, please consider following:-
For pension under EPS, the minimum contribution period is ten years. For want of one more year of service, you will be losing an old age benefit of pension. I would suggest that you continue to work for one more year with contribution to EPF/EPS so that you will be eligible for pension. Secondly, if you withdraw the EPS contribution, you will be losing a portion of the contribution.
With best wishes,
From India, Mumbai
Dear Narasimharaj,
As Mr. Premkumar Nair rightly mentioned, monthly pension is a Social Security measure which will be the only source that all of us can reliably depend at our old age. Those who have a service of 9 years and 6 months are eligible for pension. Hence it is better to complete 6 more months.
For 9 years of service, withdrawal benefit is 9.33 times of salary. Accordingly there is no question of losing EPS contribution.
Abbas.P.S
From India, Bangalore
As Mr. Premkumar Nair rightly mentioned, monthly pension is a Social Security measure which will be the only source that all of us can reliably depend at our old age. Those who have a service of 9 years and 6 months are eligible for pension. Hence it is better to complete 6 more months.
For 9 years of service, withdrawal benefit is 9.33 times of salary. Accordingly there is no question of losing EPS contribution.
Abbas.P.S
From India, Bangalore
you can withdraw both but unfortunately they will not prefer to release the pension fund and will force you to some extent to get scheme certificate by the way whats your age?
From India, Chennai
From India, Chennai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Early PF withdrawal won’t be easy.pdf
Guide Lines for PF Withdrawal.doc