Industrial Relations And Labour Laws
Korgaonkar K A
Hr - Manager
Pension Fund is constituted by contribution by your employer and till last year a nominal amount, ie, Rs a maximum of Rs 541 (8.33% of 6500), was contributed to it. If you withdraw it, the amount will be very nominal. At the same time, if you get pensions, it will be till your death. Though the monthly pension at the present rate is also nominal, we can hope that it will also increase based on changes in consumer price index in future. Pension for a new comer whose contribution towards the scheme touches a maximum of Rs 1250 (at the rate of 8.33% of 15000) would invariably be a fair amount. Therefore, doing away is not good. Another thing is that when a law is implemented, it should be followed and you cannot opt out of its compliance.
22nd August 2015 From India, Kannur
I would give answer to Archanasunkari in different way, on the basis of what I understood the query as under:
On pensionable service of 10 years and more, Archanasunkari won't be in position to withdraw the pension amount in his / her credit. Once he /she will completes 10 years pensionable service, he / she has to wait till the age 50-58 to get pension benefit. He / she don't want to wait till 50-58 years or not interested in pension benefit but in withdrawal the amount so far contributed.
If it is so, my answer to the point of Archanasunkari - is there any way, is as under:
Archanasunkari has to quit the employment before completing 10 years of pensionable service and remain unemployed / employed with establishment not covered under EPF scheme for not less than 2 months thereafter and apply for withdrawal of pension.
This is the only way....
23rd August 2015 From India, Mumbai