Dear Sir/Madam,
My name is Haresh Sarange, and I am an HR Executive. I have been in this role for the past year. I would appreciate your advice on the following scenario: an employee has completed 10 years of service in an organization but has not yet reached the age of 60. This employee is a member of the EPF. Could you please clarify whether they can withdraw the total PF amount upon leaving, or if the sum amount goes towards the Pension scheme?
I am seeking information on what happens to the employee's funds after they leave the organization.
Thank you for your assistance.
Thanks & Regards,
Haresh Sarange
From India, Mumbai
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My name is Haresh Sarange, and I am an HR Executive. I have been in this role for the past year. I would appreciate your advice on the following scenario: an employee has completed 10 years of service in an organization but has not yet reached the age of 60. This employee is a member of the EPF. Could you please clarify whether they can withdraw the total PF amount upon leaving, or if the sum amount goes towards the Pension scheme?
I am seeking information on what happens to the employee's funds after they leave the organization.
Thank you for your assistance.
Thanks & Regards,
Haresh Sarange
From India, Mumbai
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E.g., his basic Rs. 10,000 PF amount increases to Rs. 12,000 every month. For the employee, it amounts to Rs. 12,000 * 10 years = Rs. 144,000. For the employer, it is Rs. 12,000 * 10 years = Rs. 144,000 + interest. So, how much amount will he receive after 10 years from what is left?
From India, Mumbai
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From India, Mumbai
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Clarification on PF Withdrawal and Pension Scheme
Are you sure that your calculation is correct? Please check the PF deduction before 1.9.2014, as the ceiling was Rs. 6,500 at that time. The employee can check their PF passbook in the UAN Portal to know the estimated withdrawal amount. They need to apply using Form 19 and Form 10C. In Form 10C, they should opt for the Scheme Certificate. They cannot opt for the withdrawal of the Pension Amount, as it will be rejected. The employee should provide family and nomination details in the respective columns. They will receive the Scheme Certificate through the post and need to keep it safe until they reach the age of 58 years. At that time, they must submit this Scheme Certificate to the PF Department.
From India, Chennai
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103Are you sure that your calculation is correct? Please check the PF deduction before 1.9.2014, as the ceiling was Rs. 6,500 at that time. The employee can check their PF passbook in the UAN Portal to know the estimated withdrawal amount. They need to apply using Form 19 and Form 10C. In Form 10C, they should opt for the Scheme Certificate. They cannot opt for the withdrawal of the Pension Amount, as it will be rejected. The employee should provide family and nomination details in the respective columns. They will receive the Scheme Certificate through the post and need to keep it safe until they reach the age of 58 years. At that time, they must submit this Scheme Certificate to the PF Department.
From India, Chennai
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Employee Pension Scheme, 1995.doc
Form10C.PDF for Employee Pension Scheme 1995.PDF