Respected Seniors,
Could you please clarify my below doubts??
Actually PF is deducted as below:-
12% Employee Contribution
12 % Employer Contribution (8.33 % + 3.67%)
I was informed that when an employee withdraw the PF amount during the service, he or she will be getting only 12% employee contribution + 3.67% of Employer Contribution. Is it right.
I was informed that 8.33% of Employer Contribution goes to Pension Scheme as Interest and while withdrawing inbetween, this amount will not be given to the employee. Is it right.
Please clarify.
Also what will happen to this 8.33% amount after maturity... i.e., after 58 years (After Retirement). Will it come to an employee as pension. Please explain.
Thanks
From India, Madras
6Could you please clarify my below doubts??
Actually PF is deducted as below:-
12% Employee Contribution
12 % Employer Contribution (8.33 % + 3.67%)
I was informed that when an employee withdraw the PF amount during the service, he or she will be getting only 12% employee contribution + 3.67% of Employer Contribution. Is it right.
I was informed that 8.33% of Employer Contribution goes to Pension Scheme as Interest and while withdrawing inbetween, this amount will not be given to the employee. Is it right.
Please clarify.
Also what will happen to this 8.33% amount after maturity... i.e., after 58 years (After Retirement). Will it come to an employee as pension. Please explain.
Thanks
From India, Madras
Dear Devibala, If the service in EPS is 10 years or more, member will be eligible for pension; otherwise for one time withdrawal benefit. Abbas.P.S
From India, Bangalore
From India, Bangalore
Thanks Abbas. Which means, if an employee with less than 10 years, withdraws, he or she will not get the amount which was accumulated under pension scheme... Am I Right?
From India, Madras
From India, Madras
Dear Devi Hope you are doing Well,
As Per PF Act 1952 An Employee Having More Than 9 years of contribution in the same account number then only he is eligible for Pension But Below 9 years of service He can with draw Both EPF (12+3.67)% and EPS (8.33%) including interest With drawl Farm 19 For EPF and Farm 10C For EPS, IF More Than 9 Years of Service Withdrawl Farm 19 For EPF and Farm 10D For Monthly pension Instead of 10C
From India, Bangalore
As Per PF Act 1952 An Employee Having More Than 9 years of contribution in the same account number then only he is eligible for Pension But Below 9 years of service He can with draw Both EPF (12+3.67)% and EPS (8.33%) including interest With drawl Farm 19 For EPF and Farm 10C For EPS, IF More Than 9 Years of Service Withdrawl Farm 19 For EPF and Farm 10D For Monthly pension Instead of 10C
From India, Bangalore
Dear Devibala & Thousif Khan,
If service is less than 10 years, member will get one time withdrawal benefit. But this is not pension contribution with interest. Instead, factor as per Table D x Salary, will be paid towards withdrawal benefit.
Abbas.P.S
From India, Bangalore
If service is less than 10 years, member will get one time withdrawal benefit. But this is not pension contribution with interest. Instead, factor as per Table D x Salary, will be paid towards withdrawal benefit.
Abbas.P.S
From India, Bangalore
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Employee Pension Scheme, 1995.doc
Form10C.PDF for Employee Pension Scheme 1995.PDF