Hi Folks: I have been working in an organization for 9 years and 2 months. I heard from my brother and friend that after completing my 10 years, I will not be able to take part of my PF. I do not know how much it will be. I am working for more than 9 years still there is a LOT of difference between my actual salary which is dependent on multiple parameters which differs from month to month, but where as my Basic is less than 10% of my actual salary. But after working so many years also, I currently not in a very good economical state and I am married and with 2 daughters. There is no difference for me if I quit work here and join other company, in fact maybe I may get a better Basic pay over there, still I wanted to know what amount of my PF amount will be going towards pension. I actually do not intend to take any pension when I am 58 {Now I am 30 and after 28 years what pension will I get for the basic of Rs. 2400 today}. Kindly reply.. Thanks in advance
From India, Bangalore
From India, Bangalore
We have 3 benefits in PF act
1. Provident Fund
2. Pension Scheme
3. EDLI
Provident fund is applicable wen u get salary below 6500( basic + DA ).
Pension Scheme s after 10 years continuous service you are applicable
You will contribute 12 % it ll fully go to provident Fund
Employer will contribute 12 % it ll b separated as 8.33 to pension scheme and 3.67 to provident fund.
From India, Madras
1. Provident Fund
2. Pension Scheme
3. EDLI
Provident fund is applicable wen u get salary below 6500( basic + DA ).
Pension Scheme s after 10 years continuous service you are applicable
You will contribute 12 % it ll fully go to provident Fund
Employer will contribute 12 % it ll b separated as 8.33 to pension scheme and 3.67 to provident fund.
From India, Madras
Hi
are you working in the same firm from past 9 years or your maintaining the same PF account for these 9 years?
There is clause in PF act that, if you worked continuously for 10 years in the same or in one or more firms and you transfer your PF account to the firms then you will not able to withdraw the whole 24% ( 12% employee +12% Employer Contribution). You will be eligible for Pension under Pension scheme....
If you complete the 10 years then you only able to with employee contribution which is 12%.......
And Mr. Chinmay you can check your PF account Status in epfindia.com website......
From India, Hyderabad
3are you working in the same firm from past 9 years or your maintaining the same PF account for these 9 years?
There is clause in PF act that, if you worked continuously for 10 years in the same or in one or more firms and you transfer your PF account to the firms then you will not able to withdraw the whole 24% ( 12% employee +12% Employer Contribution). You will be eligible for Pension under Pension scheme....
If you complete the 10 years then you only able to with employee contribution which is 12%.......
And Mr. Chinmay you can check your PF account Status in epfindia.com website......
From India, Hyderabad
We have 3 benefits in PF act
1. Provident Fund
2. Pension Scheme
3. EDLI
Provident fund is applicable wen u get salary below 6500( basic + DA ).
Pension Scheme s after 10 years continuous service you are applicable
You will contribute 12 % it ll fully go to provident Fund
Employer will contribute 12 % it ll b separated as 8.33 to pension scheme and 3.67 to provident fund.
if you are entitled for pension (after 10years of continuous service)
the pension caliculation is depends upon your last drawn basic, and 12 months wages will commence backwards from the last wages drawn.
per suppose,
your are entitled for pension after 10 months only
now your basic is rs.2400/- after 10 months if it is revised to 3000/-
the pf officials consider your last 12 months average basic wage
that is 2400X2 = 4800
3000X10=30000
total =34800/12(average last12 monts salary) = 2900/-(pensionable salary)
Then the pension caliculation is pensionable salary X completed years of service/70
2900 x 10/70 =414 per month.
From India, Hyderabad
1. Provident Fund
2. Pension Scheme
3. EDLI
Provident fund is applicable wen u get salary below 6500( basic + DA ).
Pension Scheme s after 10 years continuous service you are applicable
You will contribute 12 % it ll fully go to provident Fund
Employer will contribute 12 % it ll b separated as 8.33 to pension scheme and 3.67 to provident fund.
if you are entitled for pension (after 10years of continuous service)
the pension caliculation is depends upon your last drawn basic, and 12 months wages will commence backwards from the last wages drawn.
per suppose,
your are entitled for pension after 10 months only
now your basic is rs.2400/- after 10 months if it is revised to 3000/-
the pf officials consider your last 12 months average basic wage
that is 2400X2 = 4800
3000X10=30000
total =34800/12(average last12 monts salary) = 2900/-(pensionable salary)
Then the pension caliculation is pensionable salary X completed years of service/70
2900 x 10/70 =414 per month.
From India, Hyderabad
Thanks a LOT for your kind reply.
I have been working in the same company for 9 years and 2 months. I have got an offer from another company now, and I too am planning to quit and join over there. When I inquired my HR they said only a percentage of the amount will go to pension and remaining I can withdraw even if it is past 10 years service. I wanted to know if I quit past 10 years service, then how much amount compulsorily goes into Pension scheme, and how much money can I withdraw now. Another thing, as you calculated the amount Rs. 414 pension if I get when I am 58 years of age (now I am 28), I think that I would need to spend that 400 rupees to reach the bank and come back to take that money. Kindly reply me. If I have completed 10 years and if I want to withdraw my whole PF amount accumulated after I quit the company, how much maximum will I be able to withdraw.
From India, Bangalore
I have been working in the same company for 9 years and 2 months. I have got an offer from another company now, and I too am planning to quit and join over there. When I inquired my HR they said only a percentage of the amount will go to pension and remaining I can withdraw even if it is past 10 years service. I wanted to know if I quit past 10 years service, then how much amount compulsorily goes into Pension scheme, and how much money can I withdraw now. Another thing, as you calculated the amount Rs. 414 pension if I get when I am 58 years of age (now I am 28), I think that I would need to spend that 400 rupees to reach the bank and come back to take that money. Kindly reply me. If I have completed 10 years and if I want to withdraw my whole PF amount accumulated after I quit the company, how much maximum will I be able to withdraw.
From India, Bangalore
Sir,
For getting pension first of all you have to complete minimum 10 years of continuous PF service. After that you can claim the amount if you want. But take a scheme certificate from EPFO. You can increase your PF service by surrendering this certificate to the next employer.Based on that certificate you can get pension after attaining the age of 50/58 years.
From India, Hyderabad
For getting pension first of all you have to complete minimum 10 years of continuous PF service. After that you can claim the amount if you want. But take a scheme certificate from EPFO. You can increase your PF service by surrendering this certificate to the next employer.Based on that certificate you can get pension after attaining the age of 50/58 years.
From India, Hyderabad
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