Hello Friends,
One of my colleagues has recently given resignation to his previous organization and joined its sister concern where PF / ESI is not applicable. He worked in the previous organization for around 11 years where PF / ESI was deducted. His questions are:
- Will the pension start with immediate effect or is there a time limitation, i.e., after 58 years?
- How much pension shall be received on a monthly basis?
Please inform, along with what benefits/possibilities he can utilize with his PF.
Thanks in advance,
Kuldeep Vats
From India, Delhi
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One of my colleagues has recently given resignation to his previous organization and joined its sister concern where PF / ESI is not applicable. He worked in the previous organization for around 11 years where PF / ESI was deducted. His questions are:
- Will the pension start with immediate effect or is there a time limitation, i.e., after 58 years?
- How much pension shall be received on a monthly basis?
Please inform, along with what benefits/possibilities he can utilize with his PF.
Thanks in advance,
Kuldeep Vats
From India, Delhi
Acknowledge(0)Amend(0)
Eligibility for Pension Benefits
To be eligible for a pension, a minimum age of 50 years must be reached. However, full pension benefits are granted at the age of 58. Prior to turning 58, a 4% reduction in the pension amount occurs for each year below that age.
Details Required for Pension Calculation
In order to calculate the amount of pension, the following details are necessary:
- Date of Birth
- Date of Joining the EPS (Employee Pension Scheme)
- Date of Exiting the EPS
- Salary as of November 16, 1995
- Any breaks in service before and after November 16, 1995
- Salary at the time of exiting the EPS
- Date when the pension benefits are required
Regards,
Abbas.P.S
From India, Bangalore
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530To be eligible for a pension, a minimum age of 50 years must be reached. However, full pension benefits are granted at the age of 58. Prior to turning 58, a 4% reduction in the pension amount occurs for each year below that age.
Details Required for Pension Calculation
In order to calculate the amount of pension, the following details are necessary:
- Date of Birth
- Date of Joining the EPS (Employee Pension Scheme)
- Date of Exiting the EPS
- Salary as of November 16, 1995
- Any breaks in service before and after November 16, 1995
- Salary at the time of exiting the EPS
- Date when the pension benefits are required
Regards,
Abbas.P.S
From India, Bangalore
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