Dear All,
One of our employees worked in an organization for about 13 years and received a pension certificate. Now, he is contributing to the PF in our organization. My questions are:
1. Does he need to inform/submit the pension certificate to the current PF office where he is contributing now?
2. Are there any benefits to submitting this certificate?
3. What are all the other benefits/requirements?
Kindly clarify.
Regards,
Jagdish :)
From India, Bangalore
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One of our employees worked in an organization for about 13 years and received a pension certificate. Now, he is contributing to the PF in our organization. My questions are:
1. Does he need to inform/submit the pension certificate to the current PF office where he is contributing now?
2. Are there any benefits to submitting this certificate?
3. What are all the other benefits/requirements?
Kindly clarify.
Regards,
Jagdish :)
From India, Bangalore
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Hi,
He has to submit it at the time of claiming pension. It will be merged in his accumulation. It is called a capital certificate (if I am not mistaken), not a pension certificate.
Regards, Rajeev Dixit
From India, Bangalore
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113He has to submit it at the time of claiming pension. It will be merged in his accumulation. It is called a capital certificate (if I am not mistaken), not a pension certificate.
Regards, Rajeev Dixit
From India, Bangalore
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The certificate is neither called a pension certificate nor a capital certificate. It is called a "Scheme Certificate." It confirms the employee's entitlement to a pension and ensures that RPFC will pay him a pension upon attainment of the age of superannuation. However, he may claim a pension at the age of 50, but it will be a discounted pension.
From India, Calcutta
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From India, Calcutta
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Thank you for your valuable reply. I need a little more clarification on what basis they will calculate the pension. In the future, if he discontinues the service, on which basis will they calculate?
Jagdish
From India, Bangalore
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Jagdish
From India, Bangalore
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Hi Jags,
Under the EPS scheme, pension is calculated based on the average basic salary plus DA earned by an employee during the last 24 months preceding their exit from the organization. When the RPFC issues the Scheme Certificate to an employee, they calculate the average basic salary as mentioned on the certificate. Therefore, when the employee attains the age of superannuation, there is no further need for the calculation of basic salary and DA for processing their pension.
From India, Calcutta
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Under the EPS scheme, pension is calculated based on the average basic salary plus DA earned by an employee during the last 24 months preceding their exit from the organization. When the RPFC issues the Scheme Certificate to an employee, they calculate the average basic salary as mentioned on the certificate. Therefore, when the employee attains the age of superannuation, there is no further need for the calculation of basic salary and DA for processing their pension.
From India, Calcutta
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PF-Circular-Suc cession Certificate.pdf