Hello Everyone,
I have a query regarding the pension scheme under EPF section in the private organization. If a person worked for 15 years in a private firm and then changed the company, and again worked for 16 years in another private firm, will the person be eligible for a pension from both organizations?
Regards,
Amit
From India, undefined
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I have a query regarding the pension scheme under EPF section in the private organization. If a person worked for 15 years in a private firm and then changed the company, and again worked for 16 years in another private firm, will the person be eligible for a pension from both organizations?
Regards,
Amit
From India, undefined
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Pension which is part of EPF is not payable by any organization. Pension is payable by the EPFO based on your service period, last drawn salary and so on.
From India, Mumbai
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1From India, Mumbai
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I assume in both cases the employee was under PF, and that 12% was deducted every month from his salary and deposited in the PF Department. I also hope he has transferred his PF account balance from the old company to the new.
In that case, the EPF department will give him the pension based on the total contribution from both employers. He will get one common pension, not two of them separately. If he has not transferred his balance from the old account, he must get it done now.
From India, Mumbai
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In that case, the EPF department will give him the pension based on the total contribution from both employers. He will get one common pension, not two of them separately. If he has not transferred his balance from the old account, he must get it done now.
From India, Mumbai
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Provided the employee has transferred his PF from the first organization to the second one. Assuming the employee has withdrawn the PF and Pension benefits after resigning from the first organization, he will not get the benefit of 15 years of service that he put in the first organization while the pension is calculated upon resignation from the second organization.
From India, Mumbai
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From India, Mumbai
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EPF Pension.xls
PF & Pension Amdmt Scheme 2010 for IW.pdf