Details And Benefits Of Pension Scheme With EPF
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Details And Benefits Of Pension Scheme With EPF

kiran11677 Started The Discussion:

Hi,

I am working in a private company for 8 years, I heard that If I continue in the same firm or continue the employement more than 10 years then my PF amount(Part of the PF) can not be withdrawn, as it is with the pension fund, so I want to know If I keep continue more that 10 years, then what benefits I get with PF pension scheme, is it better than other invetsments.

Pls suggest me whether I to go for pension scheme, or not, If I go for that what benefits I get compare to other outside pension schemes.

Thank You

M. Kiran Kumar

rajeevdixit - Member Since: Jan 2008
Hi kiran,

If ur crossing 10 years of ur service in the company u can not withdraw the entire amount of ur pf accumalation as partly it is gone to the pension
fund.after completion of 10 years if u leave ur job u will get a scheme
certificate which u can submit to the PF office at the time of claiming pension at the age of 58....

clear ur question so that i can answer it .

Rajeev Dixit




hi,

I am working in a private company for 8 years, I heard that If I continue in the same firm or continue the employement more than 10 years then my PF amount(Part of the PF) can not be withdrawn, as it is with the pension fund, so I want to know If I keep continue more that 10 years, then what benefits I get with PF pension scheme, is it better than other invetsments.

Pls suggest me whether I to go for pension scheme, or not, If I go for that what benefits I get compare to other outside pension schemes.

Thank You

M. Kiran Kumar
[/quote]

rajeevdixit - Member Since: Jan 2008
Hi kiran,

If ur crossing 10 years of ur service in the company u can not withdraw the entire amount of ur pf accumalation as partly it is gone to the pension
fund.after completion of 10 years if u leave ur job u will get a scheme
certificate which u can submit to the PF office at the time of claiming pension at the age of 58....

clear ur question so that i can answer it .

Rajeev Dixit




hi,

I am working in a private company for 8 years, I heard that If I continue in the same firm or continue the employement more than 10 years then my PF amount(Part of the PF) can not be withdrawn, as it is with the pension fund, so I want to know If I keep continue more that 10 years, then what benefits I get with PF pension scheme, is it better than other invetsments.

Pls suggest me whether I to go for pension scheme, or not, If I go for that what benefits I get compare to other outside pension schemes.

Thank You

M. Kiran Kumar
[/quote]

rajeevdixit - Member Since: Jan 2008
Hi kiran,

If ur crossing 10 years of ur service in the company u can not withdraw the entire amount of ur pf accumalation as partly it is gone to the pension
fund.after completion of 10 years if u leave ur job u will get a scheme
certificate which u can submit to the PF office at the time of claiming pension at the age of 58....

clear ur question so that i can answer it .

Rajeev Dixit




hi,

I am working in a private company for 8 years, I heard that If I continue in the same firm or continue the employement more than 10 years then my PF amount(Part of the PF) can not be withdrawn, as it is with the pension fund, so I want to know If I keep continue more that 10 years, then what benefits I get with PF pension scheme, is it better than other invetsments.

Pls suggest me whether I to go for pension scheme, or not, If I go for that what benefits I get compare to other outside pension schemes.

Thank You

M. Kiran Kumar
[/quote]

abbasiti - Member Since: May 2010
Dear Kiran Kumar,

You have joined in EPS after 16.11.95. The method of calculation of pensionable amount in this case is,

Pensionable Service x Pensionable Salary / 70.

Here pensionable service means the difference between (1) date of join in EPS (2) date of exit or 58 yrs of age completion, whichever is earlier. If you continue in EPS till 58 yrs completion and having 20 yrs or more service, 2 yrs bonus will be added to the pensionable service.

The above pension amount is to draw pension at 58yrs. You may also draw pension before 58 yrs which is called as reduced pension, under the following conditions.
1. Minimum age should be 50yrs.
2. You should not be in service (EPS applicable) at the time of pension requirement.
3. You will lose 4% each in pension for every year below 58 yrs.

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