Understanding PF Pension: When Does It Start and How Much Will You Get Monthly?

Hello Friends,

One of my colleagues has recently given resignation to his previous organization and joined its sister concern where PF / ESI is not applicable. He worked in the previous organization for around 11 years where PF / ESI was deducted. His questions are:

- Will the pension start with immediate effect or is there a time limitation, i.e., after 58 years?
- How much pension shall be received on a monthly basis?

Please inform, along with what benefits/possibilities he can utilize with his PF.

Thanks in advance,
Kuldeep Vats

Eligibility for Pension Benefits

To be eligible for a pension, a minimum age of 50 years must be reached. However, full pension benefits are granted at the age of 58. Prior to turning 58, a 4% reduction in the pension amount occurs for each year below that age.

Details Required for Pension Calculation

In order to calculate the amount of pension, the following details are necessary:
- Date of Birth
- Date of Joining the EPS (Employee Pension Scheme)
- Date of Exiting the EPS
- Salary as of November 16, 1995
- Any breaks in service before and after November 16, 1995
- Salary at the time of exiting the EPS
- Date when the pension benefits are required

Regards,
Abbas.P.S