Dear HR professionals/experts,
I am responsible for the regional HR in Asia countries and India is one of the countries that falls under my care. I have a question with regard to EPS withdrawal without completion of 10 years of eligible service and hope that you experts would be able to shed some lights on this. For employees who join EPS after 50 years old, since they will never be able to complete 10 years of eligible service for monthly pension entitlement, how do we calculate their pension amount when they reach 58 years of age? Should the calculation be based on Table D and they will receive a lump sum pension payout at the age of 58? Or is there a special provision for these group of people as it is not their intention to not complete the 10 years of eligible service.
I found the below on the EPF india website, but it does not explain further. Hence, I would appreciate if someone here can provide guidance on this matter.
A member joining after 50 years age, if not a pensioner does not have choice of not getting the Pension Contribution on grounds that he will not complete 10 years of eligible service. The social security cover is applicable till he/she is a member.
LInk --> http://epfindia.com <link fixed>
Thank you very much.
I am responsible for the regional HR in Asia countries and India is one of the countries that falls under my care. I have a question with regard to EPS withdrawal without completion of 10 years of eligible service and hope that you experts would be able to shed some lights on this. For employees who join EPS after 50 years old, since they will never be able to complete 10 years of eligible service for monthly pension entitlement, how do we calculate their pension amount when they reach 58 years of age? Should the calculation be based on Table D and they will receive a lump sum pension payout at the age of 58? Or is there a special provision for these group of people as it is not their intention to not complete the 10 years of eligible service.
I found the below on the EPF india website, but it does not explain further. Hence, I would appreciate if someone here can provide guidance on this matter.
A member joining after 50 years age, if not a pensioner does not have choice of not getting the Pension Contribution on grounds that he will not complete 10 years of eligible service. The social security cover is applicable till he/she is a member.
LInk --> http://epfindia.com <link fixed>
Thank you very much.