Hi, I have been told to accumulate my PF since I keep moving from one company to another. Till now, I have over 10 years of continuous service. I have the following doubts:
1. After retirement at the age of 60, what would be the monthly pension, and on what basis is this decided?
2. Can I do a calculation based on today's salary? If so, what is the calculation?
3. If I retire from service before 60 years, will I still be eligible for the same? If so, from when can I expect a pension?
4. Also, several of my colleagues are interested in removing PF money when they move from one organization. Is this really a good option or should they wait until 60 years?
Thanks and Regards,
Satish V
From India, Mumbai
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1. After retirement at the age of 60, what would be the monthly pension, and on what basis is this decided?
2. Can I do a calculation based on today's salary? If so, what is the calculation?
3. If I retire from service before 60 years, will I still be eligible for the same? If so, from when can I expect a pension?
4. Also, several of my colleagues are interested in removing PF money when they move from one organization. Is this really a good option or should they wait until 60 years?
Thanks and Regards,
Satish V
From India, Mumbai
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After completion of the age of 58 years, you are eligible for a pension even if you continue in service, provided you have a service of 10 years. Don't wait until the completion of 60 years.
Conditions for Early Pension
To get a pension before the age of 58 years, there are three conditions:
A. You should not be in service.
B. 4% will be deducted from the pensionable amount for each year below 58 years.
C. You should have completed the age of 50 years.
Withdrawal of the PF amount has no connection with the pension. PF and pension funds are separate accounts.
Details Required for Pension Calculation
For pension calculation, the following details have to be furnished:
1. Date of birth
2. Date of joining
3. Date of relieving
4. Break in service (if applicable)
5. Salary on 16.11.95 (if applicable)
6. Average salary of the last twelve months.
Regards,
Abbas.P.S
From India, Bangalore
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530Conditions for Early Pension
To get a pension before the age of 58 years, there are three conditions:
A. You should not be in service.
B. 4% will be deducted from the pensionable amount for each year below 58 years.
C. You should have completed the age of 50 years.
Withdrawal of the PF amount has no connection with the pension. PF and pension funds are separate accounts.
Details Required for Pension Calculation
For pension calculation, the following details have to be furnished:
1. Date of birth
2. Date of joining
3. Date of relieving
4. Break in service (if applicable)
5. Salary on 16.11.95 (if applicable)
6. Average salary of the last twelve months.
Regards,
Abbas.P.S
From India, Bangalore
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EPF Contribution for Retired Employees
Does anyone know if 12% (780) of the employer's share directly goes to the EPF account of a retired person? Under which section does this fall? Please share a link or article to help me out, as I couldn't find it.
After attaining the age of 58 years, does the employee's full 12% contribution go to the EPF account? Is this true?
Waiting for your valuable information.
Abbas sir, waiting for your reply.
Regards,
Parwej Khan
From India, Calcutta
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Does anyone know if 12% (780) of the employer's share directly goes to the EPF account of a retired person? Under which section does this fall? Please share a link or article to help me out, as I couldn't find it.
After attaining the age of 58 years, does the employee's full 12% contribution go to the EPF account? Is this true?
Waiting for your valuable information.
Abbas sir, waiting for your reply.
Regards,
Parwej Khan
From India, Calcutta
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EPF Pension.xls
Retirement planning vssc.ppt
EPF - Pension contribution is zero WHY.jpg