I have worked for the organization for exactly 9 years and 24 days and resigned. Now, am I eligible for the withdrawal of both PF and Pension fund benefits? Kindly advise me as I don't want to continue my Pension Fund.
Regards,
Narasimharaj
From India, Mumbai
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Regards,
Narasimharaj
From India, Mumbai
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Dear Narasimharaj, Yes, you are eligible to withdraw both PF and pension fund amounts. Abbas.P.S
From India, Bangalore
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530From India, Bangalore
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Though you are eligible for withdrawal, please consider the following:
Pension Eligibility Under EPS
For a pension under EPS, the minimum contribution period is ten years. For want of one more year of service, you will be losing an old age benefit of a pension. I would suggest that you continue to work for one more year with a contribution to EPF/EPS so that you will be eligible for a pension. Secondly, if you withdraw the EPS contribution, you will be losing a portion of the contribution.
With best wishes,
From India, Mumbai
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Pension Eligibility Under EPS
For a pension under EPS, the minimum contribution period is ten years. For want of one more year of service, you will be losing an old age benefit of a pension. I would suggest that you continue to work for one more year with a contribution to EPF/EPS so that you will be eligible for a pension. Secondly, if you withdraw the EPS contribution, you will be losing a portion of the contribution.
With best wishes,
From India, Mumbai
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As Mr. Premkumar Nair rightly mentioned, monthly pension is a Social Security measure that will be the only source on which all of us can reliably depend in our old age. Those who have completed 9 years and 6 months of service are eligible for a pension. Therefore, it is advisable to complete an additional 6 months.
For 9 years of service, the withdrawal benefit is 9.33 times the salary. Consequently, there is no question of losing EPS contribution.
Regards,
Abbas.P.S
From India, Bangalore
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For 9 years of service, the withdrawal benefit is 9.33 times the salary. Consequently, there is no question of losing EPS contribution.
Regards,
Abbas.P.S
From India, Bangalore
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you can withdraw both but unfortunately they will not prefer to release the pension fund and will force you to some extent to get scheme certificate by the way whats your age?
From India, Chennai
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From India, Chennai
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I have a small query relating to PF withdrawal for an international worker who resigned from the organization in October 2014. The individual is a citizen of Japan. Could you please confirm if we can proceed with the withdrawal of the PF for this individual?
Thank you.
Santosh
From India, Pune
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Thank you.
Santosh
From India, Pune
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PF guidleines for Pension fund.pdf