Pension Eligibility After 10 Years Across Multiple Jobs: How Does It Work?

Good morning, if any employee has completed 10 years of service working with more than one organization and has transferred their PF (pension contribution) from the previous to the new organization, will he/she be entitled to the pension?

Pension Eligibility and Requirements

What is the minimum or maximum basic amount required to avail of this benefit?

Regards,
Shishir

When an employee opts for a transfer to the PF fund, the pension fund also transfers automatically. There are no separate formalities required to do the same.

Regards,

Hi Shishir! The PF Act states that if an employee has more than 10 years of service and is also continuing in the Pension Fund, they will be eligible for a pension after attaining the age of 58 years. The maximum salary limit for the Pension Fund is Rs. 6500/- per month.

Regards,
Ram

When an employee wants to transfer PF funds, it is a requirement on the employee's side that they should submit Form-13 to transfer their previous provident account number to the new one. This is the only formality that needs to be completed.

There is absolutely no need to work for only one company to be eligible for a pension. The only requirement is that you must be an EPS member for 10 years, regardless of the number of companies you have served.

Regards,
S. Sethupathy
Excellent HR Services
Erode

The PF Act states that if any person has a continuous contribution of 10 years and after attaining the age of 58 years, they are eligible for a pension. This may not be continuous service in one company, but the contribution should be for 10 years.

Regards,
Kalyan.

Dear Narasingarao,

After the introduction of EPS on 16th Nov 1995, many modifications and amendments have been made to the scheme due to requests from various forums. Every 3 to 4 years, some modifications are made. The EPF pension amount is considerably lower compared to the GPF pensioners. The GPF pensioners receive almost half of their last drawn salary as a pension, in addition to continuous hikes in DA.

Let us hope for a better outcome. I am enclosing a plea raised by CITU regarding EPS, and one more report as well. I request our fellow members to shed some light on this matter.

Regards,
S. Sethupathy, Excellent HR Services, Erode.

Dear Shishir,

Types of Pension Eligibility

There are two types:
1. Completing 10 years OR
2. Not completing.

- Completing ten years in one or more companies makes him eligible for a pension.
- Pension is payable at 58 (except in cases of death or permanent disablement).
- Not completing ten years means you can withdraw the cash benefits as a lump sum benefit OR
- Get a scheme certificate, i.e., a certificate that will help the member count his membership from one company to another.

Regards,
Shishir

EPS Fund: Pension vs. Withdrawal Benefit

The EPS fund is meant for pension, which is better than a withdrawal benefit in various aspects. So, contribute for the maximum number of years and get benefited accordingly.

Regards,
Abbas.P.S