One of my colleagues worked with a company for 13 years. When he left the company, he applied for EPF (12+3.67) and subsequently received the same. The pension fund share (8.33) was not given to him as the contribution period was more than 10 years. Presently, he is 47 years old.
Could anyone help me in understanding the procedure to avail/withdraw the pension?
Regards, Rohan
From India, Dehra Dun
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Could anyone help me in understanding the procedure to avail/withdraw the pension?
Regards, Rohan
From India, Dehra Dun
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The pension age in EPS is 58 years. For those who have separated from service, they can avail of a pension from 50 years onwards. However, for each year below 58 years, they will lose 4% of the pension amount.
Regards,
Abbas.P.S
From India, Bangalore
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530Regards,
Abbas.P.S
From India, Bangalore
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As you mentioned, your period of service is more than 10 years, so you are eligible to get a Scheme certificate, and you may withdraw the amount.
Pension Benefit Eligibility
To avail of pension benefits, the member:
- Should have completed 10 years of continuous service, or
- Should have attained the age of 50 years or more.
- Must not receive any other EPF pension.
The member will receive the pension amount on a monthly basis after attaining the age of 58. If the employee does not meet the above criteria, he can apply for the withdrawal of pension monies.
Regards
From India, Mumbai
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Pension Benefit Eligibility
To avail of pension benefits, the member:
- Should have completed 10 years of continuous service, or
- Should have attained the age of 50 years or more.
- Must not receive any other EPF pension.
The member will receive the pension amount on a monthly basis after attaining the age of 58. If the employee does not meet the above criteria, he can apply for the withdrawal of pension monies.
Regards
From India, Mumbai
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