Hello All,
I have been working for the last 8 years and have changed quite a few jobs. I have always withdrawn my PF from the organizations I have left. However, I have a query. Recently, I quit my job after working there for over 3 years. I have a couple of specific questions:
1) How is the employer's contribution distributed between the PF account and the Pension account (the percentage between the two)?
2) If I fill up the withdrawal form, will I get the entire pension amount that is in my account?
3) Which option works better - withdrawal or transfer of PF?
Hope to receive a response soon.
Regards,
Nikunj Devani
From India, Mumbai
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I have been working for the last 8 years and have changed quite a few jobs. I have always withdrawn my PF from the organizations I have left. However, I have a query. Recently, I quit my job after working there for over 3 years. I have a couple of specific questions:
1) How is the employer's contribution distributed between the PF account and the Pension account (the percentage between the two)?
2) If I fill up the withdrawal form, will I get the entire pension amount that is in my account?
3) Which option works better - withdrawal or transfer of PF?
Hope to receive a response soon.
Regards,
Nikunj Devani
From India, Mumbai
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Greetings,
Regarding employer contributions, it is the same amount that is deducted from your wages. However, from the employer's side, 8.33% is deposited into the pension fund, and the remaining 3.67% is deposited into the PF account.
Yes, you are entitled to receive the entire pension amount.
It totally depends on you; if you need the money, then withdraw it. Otherwise, transfer it because you will earn interest on it.
Regards,
Surender
From India, Delhi
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Regarding employer contributions, it is the same amount that is deducted from your wages. However, from the employer's side, 8.33% is deposited into the pension fund, and the remaining 3.67% is deposited into the PF account.
Yes, you are entitled to receive the entire pension amount.
It totally depends on you; if you need the money, then withdraw it. Otherwise, transfer it because you will earn interest on it.
Regards,
Surender
From India, Delhi
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Dear Nikunj Devani,
If you want a monthly pension, you may apply for a transfer/scheme certificate for previous services, which can be added to later services. If you want a one-time withdrawal, it would be better to apply immediately because PF authorities are not providing interest on withdrawal benefits.
Abbas.P.S
From India, Bangalore
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530If you want a monthly pension, you may apply for a transfer/scheme certificate for previous services, which can be added to later services. If you want a one-time withdrawal, it would be better to apply immediately because PF authorities are not providing interest on withdrawal benefits.
Abbas.P.S
From India, Bangalore
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