EPF Query - Pension Scheme - CiteHR
Rkn61
Hr Manager
Venkatraghavanm
Ir, Er, Payroll, Recruitment,
Duraip
Legal/ Ir
Ganeshbabu_kk
Project Manager
+2 Others

Cite.Co is a repository of information created by your industry peers and experienced seniors sharing their experience and insights.
Join Us and help by adding your inputs. Contributions From Other Members Follow Below...
Dear Sir,
i am little bit confused about that the employee share is 12% & employer share is 3.67 & 8.33 for pension scheme, now i about to know that the remaining 8.33% also adding at the time of withdrawl of pf

Friend, Employee share 8.33% goes to the pension fund and this shall be withdrawn if you have not completed 10 years of service. Regards, SND
Dear sir, this is ok, i am not completed 10 years of service, suppose any body completed 10 years of service than where goes the remaining contribution.
Dear Sharma 1234
The contribution towards pension fund at 8.33 % goes to the Pension Fund, whereas you will be able to withdraw the accumulations provided, you have not completed 9 years and 6 months continuous period of service. If it is more than 9 years and 6 months, your accumulated contribution will be lying in the pension fund of EPFO and a pension scheme certificate will be issued to you, by your area EPFO, SRO, indicating that you would be eligible for pension after 58 years of age. You have to keep this certificate carefully and produce xerox copy of the same when joining another establishment where EPF is recovered (need not give original) After completion of your 58 years age, you can apply for pension from EPFO alongwith the original scheme certificates available with you, in Form 10-D.
Regards
M.Venkatraghavan

Dear Sharma,
Mr. venkatraghvan has explained the facts and factual s perfectly, i agree with him, but want to add one thing that if any employee doesn't continued in employment after receiving scheme certificate or employee in the employment where the provisions of EPF&MP Act 1952 has not been attracted, then on completion of age of 50 years he shall apply for the reduced pension with form 10 D. An employee of this type would loos pension by 4% p.y. That is to say for every 100 he will receive Rs.68/- as a pension.
Regards,
KIRAN KALE

@suyoglabourconsultant & mr. venkatraghavanm: generally whenever anyone wants to withdraw the epf fund, there are two forms to be submitted together, form 19 & 10C. Is that necessary to withdraw EPF amount even if one wants to withdraw only pension fund?
sir i am ramchander i have completed 10 years in the company how much amount goes pension kindly tell me sir
present my salary 9600/- 5865+2077+1500(basic+vda+hra)my epf cutting very month in salary 953/- only

The views of Mr Venkataraghavan is correct. But would like to add that an employee can avail pension at a reduced rate after his completion of 52 years. R K Nair
Dear Godzy,

When GODzy is asking definitely i should have to answer,

1. I would elaborate the matter in r/o EPS only.

2.For EPS i.e. employee's pension scheme member should have to render total service of 10 years and during this period contribution should be remitted then he will entitled or eligible for pension.

3.For getting superannuation pension in hand member should be 58 of age;

and for reduced pension he should be 50 or more of age.

4.One; who is eligible, can opt pension on completion of 50 years of age as per provision which is called 'REDUCED PENSION' In reduced pension the amount of pension shall be reduced @4% for every year the age falls short of 58 years.

5.Obviously, member who is going to opt reduced pension on 57 of age he shall get 100-4=96% pension and by this analogy he will loose 4% every year

as per his age. i.e. on 56, 96-4=92, on 55, 92-4=88, on 54, 88-4=84, on 53, 84-4=80, on 52, 80-4=76, on51, 76-4=72 and finally on the age of 50, 72-4%=68.By this way member going for reduced pension will get pension short according to his age on the date of application in form 10 D.

Hope this could help u to understand the matter in question.

Regards,

KIRAN KALE

Dear GODZY,
one can withdraw both the amounts stands into his credit when his service of epf & eps is below 9.6 years, he can withdraw only EPF account by filling form no. 19 and keep his account of EPS as it shall be continued when he joined in new company where he became a member of EPF/EPS. HE could save service years for the eligibility of 10 years or otherwise by the withdrawal of EPS amount through form 10 C, he will loose service benefit and have to start newly to meet 10 years of required service.
PF withdrawal doesn't affect anymore.
Regards,
KIRAN KALE


This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2020 Cite.Co™