Good morning,
If any employee has completed 10 years of service working with more than one organization and has transferred their PF (pension contribution) from the previous to the new organization, will he/she be entitled to the pension?
What is the minimum or maximum basic amount required to avail of this benefit?
Regards,
Shishir
From India, Madras
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If any employee has completed 10 years of service working with more than one organization and has transferred their PF (pension contribution) from the previous to the new organization, will he/she be entitled to the pension?
What is the minimum or maximum basic amount required to avail of this benefit?
Regards,
Shishir
From India, Madras
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Dear Shishir, Good Morning! When employee is going for option of transfer to PF fund so, Pension fund also transfer automatically. There is no any separate formalities to do the same. Rgds
From India, Mumbai
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51From India, Mumbai
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Hi Shishir! The PF Act states that if an employee has more than 10 years of service and is also continuing in the Pension Fund, they will be eligible for a pension after attaining the age of 58 years. The maximum salary limit for the Pension Fund is Rs. 6500/- per month.
Regards,
Ram
From India, Hyderabad
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Regards,
Ram
From India, Hyderabad
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When an employee wants to transfer PF funds, it is a requirement on the employee's side that they should submit Form-13 to transfer their previous provident account number to the new one. This is the only formality that needs to be completed.
From India, Gurgaon
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From India, Gurgaon
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There is absolutely no need to work for only one company to be eligible for a pension. The only requirement is that you must be an EPS member for 10 years, regardless of the number of companies you have served.
Regards,
S. Sethupathy
Excellent HR Services
Erode
From India, Selam
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Regards,
S. Sethupathy
Excellent HR Services
Erode
From India, Selam
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The PF Act states that if any person has a continuous contribution of 10 years and after attaining the age of 58 years, they are eligible for a pension. This may not be continuous service in one company, but the contribution should be for 10 years.
Regards,
Kalyan.
From India, Hyderabad
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Regards,
Kalyan.
From India, Hyderabad
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Dear Narasingarao,
After the introduction of EPS on 16th Nov 1995, many modifications/amendments have been made to the scheme due to requests from various forums. Every 3 to 4 years, some modifications are made. The EPF Pension amount is considerably lower compared to the GPF pensioners. The GPF pensioners receive almost half of their last drawn salary as a pension, in addition to continuous hikes in DA.
Let us hope for a better outcome. I am enclosing a plea raised by CITU regarding EPS, and one more report as well. I request our fellow members to shed some light on this matter.
S. Sethupathy, Excellent HR Services, Erode.
From India, Selam
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After the introduction of EPS on 16th Nov 1995, many modifications/amendments have been made to the scheme due to requests from various forums. Every 3 to 4 years, some modifications are made. The EPF Pension amount is considerably lower compared to the GPF pensioners. The GPF pensioners receive almost half of their last drawn salary as a pension, in addition to continuous hikes in DA.
Let us hope for a better outcome. I am enclosing a plea raised by CITU regarding EPS, and one more report as well. I request our fellow members to shed some light on this matter.
S. Sethupathy, Excellent HR Services, Erode.
From India, Selam
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Dear Shishir,
There are two types:
1. Completing 10 years OR
2. Not completing.
- Completing ten years in one or more companies makes him eligible for a pension.
- Pension is payable at 58 (except in cases of death or permanent disablement).
- Not completing ten years means you can withdraw the cash benefits as a lump sum benefit OR
- Get a scheme certificate, i.e., a certificate that will help the member count his membership from one company to another.
Regards,
Shishir
From India, Mumbai
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There are two types:
1. Completing 10 years OR
2. Not completing.
- Completing ten years in one or more companies makes him eligible for a pension.
- Pension is payable at 58 (except in cases of death or permanent disablement).
- Not completing ten years means you can withdraw the cash benefits as a lump sum benefit OR
- Get a scheme certificate, i.e., a certificate that will help the member count his membership from one company to another.
Regards,
Shishir
From India, Mumbai
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PF & Pension Amdmt Scheme 2010 for IW.pdf
Steps to transfer PF amount.jpg