Hi, please suggest the best plan regarding PF. I have worked in two organizations. In my first company, I worked for about 2 years and 10 months, and in the second company for about 8 years and one month, totaling 10 years and 11 months. Am I eligible for a pension? If I am eligible for a pension, from when can I avail the pension?
Now, I want to set up my own business and do not wish to work further. Should I withdraw my pension, which has been accumulated for nearly 11 years, or am I eligible for a pension? What kind of action should I take to ensure it might help me further? Please suggest.
Thanks & Regards,
Bhaskar
From India, Bangalore
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Now, I want to set up my own business and do not wish to work further. Should I withdraw my pension, which has been accumulated for nearly 11 years, or am I eligible for a pension? What kind of action should I take to ensure it might help me further? Please suggest.
Thanks & Regards,
Bhaskar
From India, Bangalore
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Dear Mr. Bhaskar,
You are eligible to receive a pension from the age of 50 years onwards with 2 conditions:
1. You must have been relieved from PF applicable service.
2. For each year below 58 years, there will be a 4% reduction in the pension amount.
To receive the full pension, you will need to wait until you reach the age of 58 years.
Abbas P.S
From India, Bangalore
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530You are eligible to receive a pension from the age of 50 years onwards with 2 conditions:
1. You must have been relieved from PF applicable service.
2. For each year below 58 years, there will be a 4% reduction in the pension amount.
To receive the full pension, you will need to wait until you reach the age of 58 years.
Abbas P.S
From India, Bangalore
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Settlement of PF & Pension on the day of Retirement.docx
Early PF withdrawal won’t be easy.pdf