Dear All, can anyone provide me details about the PF Pension Scheme? As per my basic knowledge, the eligibility for the PF Pension scheme is 10 years of service. But if one has worked more than 10 years but not in the same company and transferred his PF account to a new account, is he eligible for a pension?
Thanks,
Rajesh B.
From India, Bangalore
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1Thanks,
Rajesh B.
From India, Bangalore
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Yes, he will eligible for PF pension. No need to work 10 years of service in a single place. He can claim for pension after the attaining the age of 58 years. RAJU...9705788628
From India, Visakhapatnam
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From India, Visakhapatnam
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What Bkraj28 said was right. If a person works in an organization for 10 years or more, or if they break their service and work in a different company by transferring their PF account number, their service is not affected. Therefore, they are eligible for PF pension.
Thank you.
From India, Mumbai
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Thank you.
From India, Mumbai
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What Bkraj28 said was right. If the person has been working in an organization for 10 years or more, or if he is breaking his service and working in a different company by transferring his PF account number, then his service is not affected and he is eligible for PF pension.
From India, Mumbai
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From India, Mumbai
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Understanding the Pension Scheme Contribution
In the pension scheme, the EPS contribution of 6 months and above is rounded off to the next higher year, while contributions below 6 months are not considered. Hence, a person who contributed 9 years and 6 months continuously in an organization is given a scheme certificate for a pension, as if they have worked for 10 years. The scheme certificate holder is eligible for a pension after 58 years or can claim a pension at reduced rates after completing 50 years of age.
Even in the case of the transfer of EPS, it is better to insist on having the original scheme certificate from the PF office, as it contains details of non-contribution days of employment. The non-contribution days are used to reckon the pension amount between 50 to 58 years, so if the details are not available when claiming the pension, the person has to approach their previous employers to get the non-contribution days. This may not be possible in present-day organizations.
Those who worked less than 9 years and 6 months can have the repayment of EPS contributions by submitting Form 10-C or can have a scheme certificate if there is no continuity of employment.
Regards,
M. Venkatraghavan
From India, Selam
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In the pension scheme, the EPS contribution of 6 months and above is rounded off to the next higher year, while contributions below 6 months are not considered. Hence, a person who contributed 9 years and 6 months continuously in an organization is given a scheme certificate for a pension, as if they have worked for 10 years. The scheme certificate holder is eligible for a pension after 58 years or can claim a pension at reduced rates after completing 50 years of age.
Even in the case of the transfer of EPS, it is better to insist on having the original scheme certificate from the PF office, as it contains details of non-contribution days of employment. The non-contribution days are used to reckon the pension amount between 50 to 58 years, so if the details are not available when claiming the pension, the person has to approach their previous employers to get the non-contribution days. This may not be possible in present-day organizations.
Those who worked less than 9 years and 6 months can have the repayment of EPS contributions by submitting Form 10-C or can have a scheme certificate if there is no continuity of employment.
Regards,
M. Venkatraghavan
From India, Selam
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PF & Pension Amdmt Scheme 2010 for IW.pdf