Am I Eligible for a Pension or Should I Withdraw My PF After 11 Years of Work? Seeking Advice on Next Steps

Hi, please suggest the best plan regarding PF. I have worked in two organizations. In my first company, I worked for about 2 years and 10 months, and in the second company for about 8 years and one month, totaling 10 years and 11 months. Am I eligible for a pension? If I am eligible for a pension, from when can I avail the pension?

Now, I want to set up my own business and do not wish to work further. Should I withdraw my pension, which has been accumulated for nearly 11 years, or am I eligible for a pension? What kind of action should I take to ensure it might help me further? Please suggest.

Thanks & Regards,
Bhaskar

Dear Mr. Bhaskar,

You are eligible to receive a pension from the age of 50 years onwards with 2 conditions:

1. You must have been relieved from PF applicable service.
2. For each year below 58 years, there will be a 4% reduction in the pension amount.

To receive the full pension, you will need to wait until you reach the age of 58 years.

Abbas P.S

Thank you, Abbas, for your response. Currently, I may have to wait for over 20 years to be eligible for pension at the age of 58. Could you kindly suggest the available options at this time?

Dear Mr. Bhaskar,

You have two options:

1. You may either avail reduced pension after completion of 50 years, or
2. Receive full pension on completion of 58 years.

Abbas. P. S.