Pension and PF Queries: Can I Transfer My Account and Is My Friend Eligible to Claim?

Hi Seniors,

I have been working in a Bangalore-based company for 8 years and have recently switched to a Hyderabad-based company. Am I eligible for the pension scheme after 2 years of service in my current job if the account is transferred to Hyderabad?

I also have another query regarding the continuation of the account. My friend worked in my previous company for 4 years. He resigned from his job after receiving an offer abroad and has not claimed his PF amount to date. Can he now claim his PF amount or transfer the amount to a new PF account?

Kindly assist us with these queries.

Regards,
Dinesh

Steps to Transfer Your Previous Account

1. First, transfer your previous account to the new service. If you quit your present job, you may apply for a scheme certificate until the age of 58 years.

Regards,
Abbas.P.S

I have a query: should we serve for 10 years continuously in a single firm to be eligible for the Pension Scheme?

Regards,
Dinesh

It is not necessary that you should serve a single firm for 10 years, but your provident fund account with the Employees' Provident Funds Organisation must be contributed to for 10 years. Then, you are eligible for the pension scheme.

Regards,

Dear Dinesh Kumar,

Yes, you are eligible for a pension after 2 years of contribution to EPS. If your friend is still abroad and has an operative bank account in his name in India, he can claim his accumulations through claim forms. If he has returned to India from abroad and joined a new company, he can still transfer his earlier PF accumulation to the new account through Form 13.

S. Sethupathy, Erode.

Clarification on Pension Eligibility

In the extension of the above-mentioned reply regarding Dinesh Kumar's query on eligibility for pension after two years of contribution to EPS, please elaborate on the case to understand the same.

Thanks and regards,
Mondon

Dear Mondon,

Under EPS (Employees' Pension Scheme, 1995), a minimum of 10 years of contributions is required to be eligible for a pension. All ten years of contributions do not need to be in a single industry or institution. An individual may have served in several units, but the only requirement is that their contributions are transferred from one unit to another using Form 13 and accumulated under the present or last employer's code.

In the case mentioned, Mr. Dinesh served for 8 years in Bangalore before switching over to Hyderabad. Therefore, he is required to contribute 2 more years to be eligible for a pension.

I hope this is clear.

S. Sethupathy
Excellent HR Services
Erode.

Dear Dinesh Ji,

I have not exactly followed what you want to say about "Am I eligible for the pension scheme after 2 years of service in my present job if the account is transferred to A.P. region." You need not wait for two years for the transfer of your previous Bengaluru PF and pension account to the AP region. You are eligible for admission to PF from day one in any employment. Only you have to notify the present employer about your previous PF account and get it transferred to the present EPFO office.

As for your second query, I have to say that your friend may claim his previous dues now. He would not get interest on his accumulations from 01-04-2011 onwards. He will get interest up to 31-03-2011, not for the period thereafter. If your friend has returned to India and is currently employed in India, advise him to request the transfer of his previous account to the new office. If he is still abroad, suggest he apply for the final payment of PF dues and forfeit pension contributions.

Regards

EPF Claim During Employment

Please elaborate on whether any EPF contributor can claim their PF during the course of employment. Additionally, under what special circumstances can a claim be made for the same? What are the eligibility criteria?

Thanks and regards,
Mondon

EPF Advance Eligibility

An EPF member can apply for an advance from their EPF accumulations after completing 5 years of service. Please review the attached file for further details.

Regards,
S. Sethupathy
Excellent HR Services Erode.