Can I Withdraw My PF Converted to Pension for Buying a House at 33?

I joined a private company in August 2002. In July 2012, we were moved to an SEZ location, which resulted in us being enrolled as new employees. Therefore, I wanted to withdraw my PF accumulated so far and start a new PF account.

My company says that since I have completed more than 9.5 years with my old ID, my PF is converted to a pension, and I will only be able to access it after reaching the age of 58. I am currently 33 years old.

I would like to know if there is any way I can withdraw the amount accumulated so far. I intend to use this money to buy a house.

Thank you.

According to the PF Act, if you serve 9.6 or more years of continuous service in any organization, then your pension part of 8.33% (i.e., Rs. 541.00) is bound in the PF department, and you will receive it after attaining 58 years of age in the form of a monthly pension. You can fill out Form-19 and 10 C, through which you can withdraw your 12% and 3.67% shares and obtain a pension certificate (Please tick "Yes" in the box in Column No. 8) for your pension.

Please let me know if you need any further assistance.

Regards

Singhksanju,

With all due respect to Drkumar, let me provide you with the correct information:

Even though you have started as a new employee after moving to a different location, you are not LEGALLY entitled to withdraw your PF accumulation or pension. Your PF accumulation and pension service of 9.5 years will be transferred to your new PF account upon submission of form 13.

I assume that your new employment is under the same management, which is an extension of your previous one. In such a scenario, the EPF Act is applicable to your new employment even if it is in a Special Economic Zone (SEZ). You are also not eligible to opt as an "excluded employee" within the meaning of the EPF & MP Act.

If a person leaves service after contributing to PF for 9.5 years and does not secure employment within two months where the EPF Act is applicable, then only are they entitled to settle their PF and pension. There is no option for pension withdrawal upon completing 10 years. Pension begins at the age of 58, but one can choose early pension at the age of 50 at a reduced rate.

Other members are encouraged to provide their comments on this.

Thanks and regards,

Keshav Korgaonkar

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