If A employees register in PF at the age of 53 is the employees entitled for pension scheme?
From India, Delhi
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From India, Delhi
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Hi,
A minimum of continuous service of 10 years is applicable to be eligible for a pension.
According to EPFO guidelines, an employee shall cease to be a member of the Pension Fund from the date of attaining 58 years of age or from the date of vesting admissible benefits under the scheme, whichever is earlier.
Hence, pension eligibility will not be applicable for the above employee.
From India, Madras
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1015A minimum of continuous service of 10 years is applicable to be eligible for a pension.
According to EPFO guidelines, an employee shall cease to be a member of the Pension Fund from the date of attaining 58 years of age or from the date of vesting admissible benefits under the scheme, whichever is earlier.
Hence, pension eligibility will not be applicable for the above employee.
From India, Madras
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Hello Sir, thank you for your message. Could you also confirm if employees can withdraw their pension share amount after completing the age of 58? Additionally, if pension is not applicable, why do we need to contribute to the pension fund until the age of 58.
From India, Delhi
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From India, Delhi
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Hi,
For cases of less than 10 years, pension contributions can be withdrawn upon exit from the PF scheme.
If an employee joins at the age of 53 and was not covered under PF before that, and if their PF wages are above Rs. 15,000 at the time of joining, they are not required to contribute to the Pension scheme as they are not eligible. In this case, 8.33% will also be directed to PF contributions only.
I hope the above information is clear.
From India, Madras
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For cases of less than 10 years, pension contributions can be withdrawn upon exit from the PF scheme.
If an employee joins at the age of 53 and was not covered under PF before that, and if their PF wages are above Rs. 15,000 at the time of joining, they are not required to contribute to the Pension scheme as they are not eligible. In this case, 8.33% will also be directed to PF contributions only.
I hope the above information is clear.
From India, Madras
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PF & Pension Amdmt Scheme 2010 for IW.pdf