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Dear Bittu, Pl.note the following:
Pension Benefits
1. Pension to Member
2. Pension to Family (on death of member)
3. Scheme Certificate
• This Certificate shows the service & family details of a member
• This is issued if the member has not attained the age of 58 while leaving an establishment and he applies for this certificate
• Member can surrender this certificate while joining another establishment and the service stated in the certificate is added with the service he is gaining from the new establishment.
• After attaining the age of 50 or above, the member can apply for Pension by surrendering this scheme certificate (if total service is atleast 10 years)
• This is a better choice than Withdrawal Benefit, as a member dies holding a valid scheme certificate, his family will get pension (Death when NOT in service)
3. Withdrawal Benefit
• If not eligible for pension, member may withdraw the amount accumulated in his pension account
• The calculation of this amount is based only on (i) Last average salary and (ii) Service (Not based on actual amount available in Pension Fund Account)
5. No amount is taken from Member to give Pension to the Member. Employer and Govt. contributes to Pension fund @8.33% and @1.16% respectively
6. EPFO guarantees pension to members, even if the Employer has not contributed to Pension Fund.
4. Death Benefits
1. Provident Fund Amount to Family (or to Nominee)
2. Pension to Family (or to Parent / Nominee)
3. Capital Return of Pension
4. Insurance (EDLI) amount to Family (or to Nominee)
• No amount is taken from Member for this facility. Employer contributes for this.
5. Nominee is basically determined as per the information submitted by the member at this office through FORM-2
-- grant of exemption from the operation of the scheme/s framed under the Act to an establishment , to a class of employees and to an individual employee , on certain conditions.
-- Penalties to employers/trustees of exempted Provident Fund who contravene the provision of the Act and the Scheme.
-- appointment of inspector to secure compliance under the Act and the Schemes framed there under.
-- mode of recovery of moneys due from employers.
kumar.s.
From India, Bangalore
362Dear Bittu, Pl.note the following:
Pension Benefits
1. Pension to Member
2. Pension to Family (on death of member)
3. Scheme Certificate
• This Certificate shows the service & family details of a member
• This is issued if the member has not attained the age of 58 while leaving an establishment and he applies for this certificate
• Member can surrender this certificate while joining another establishment and the service stated in the certificate is added with the service he is gaining from the new establishment.
• After attaining the age of 50 or above, the member can apply for Pension by surrendering this scheme certificate (if total service is atleast 10 years)
• This is a better choice than Withdrawal Benefit, as a member dies holding a valid scheme certificate, his family will get pension (Death when NOT in service)
3. Withdrawal Benefit
• If not eligible for pension, member may withdraw the amount accumulated in his pension account
• The calculation of this amount is based only on (i) Last average salary and (ii) Service (Not based on actual amount available in Pension Fund Account)
5. No amount is taken from Member to give Pension to the Member. Employer and Govt. contributes to Pension fund @8.33% and @1.16% respectively
6. EPFO guarantees pension to members, even if the Employer has not contributed to Pension Fund.
4. Death Benefits
1. Provident Fund Amount to Family (or to Nominee)
2. Pension to Family (or to Parent / Nominee)
3. Capital Return of Pension
4. Insurance (EDLI) amount to Family (or to Nominee)
• No amount is taken from Member for this facility. Employer contributes for this.
5. Nominee is basically determined as per the information submitted by the member at this office through FORM-2
-- grant of exemption from the operation of the scheme/s framed under the Act to an establishment , to a class of employees and to an individual employee , on certain conditions.
-- Penalties to employers/trustees of exempted Provident Fund who contravene the provision of the Act and the Scheme.
-- appointment of inspector to secure compliance under the Act and the Schemes framed there under.
-- mode of recovery of moneys due from employers.
kumar.s.
From India, Bangalore
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