Dear All,
I am working for an TATA company, HR Department & we have a PF Corporate Trust at Mumbai. I always get confused in PF & Pension matters, my clarifications are as under :-
1) As per my understanding the full contribution of the employee will go the Provident fund i.e the PF trust at Mumbai & the employer contribution of 12% is further bifurcated into pension of 8.33% on Rs.6500/- which is maximum of Rs.541 & balance of 3.67% to the PRovident fund which makes up to 12% finally, hope the same is the calculation wherever PF Trust is available.
2) An employee who works for 22 years & quits the co., at the age of 52, how do we arrange for his Pension...he does not want to receive pension, can he claim that amount through the pension office through form 10 c settlement or how does he go about ??
3) I was informed by my seniors that if an employee is in service more than 5 years & above & quits the company, he cannot claim the pension & he has to take an scheme certificate, is it so ??
4) In case of transfer wherever PF Trust is available, how does one can get his pension transfer done ??
Please share a presentation or some more information on this...
Thanks in advance.
regards..Malini
I am working for an TATA company, HR Department & we have a PF Corporate Trust at Mumbai. I always get confused in PF & Pension matters, my clarifications are as under :-
1) As per my understanding the full contribution of the employee will go the Provident fund i.e the PF trust at Mumbai & the employer contribution of 12% is further bifurcated into pension of 8.33% on Rs.6500/- which is maximum of Rs.541 & balance of 3.67% to the PRovident fund which makes up to 12% finally, hope the same is the calculation wherever PF Trust is available.
2) An employee who works for 22 years & quits the co., at the age of 52, how do we arrange for his Pension...he does not want to receive pension, can he claim that amount through the pension office through form 10 c settlement or how does he go about ??
3) I was informed by my seniors that if an employee is in service more than 5 years & above & quits the company, he cannot claim the pension & he has to take an scheme certificate, is it so ??
4) In case of transfer wherever PF Trust is available, how does one can get his pension transfer done ??
Please share a presentation or some more information on this...
Thanks in advance.
regards..Malini