There is an expectation in the mind of the working people that after the job is over, they will get some pension and not have to worry about running for the rest of the time. It is usually desired by employers. However, all employees in India have PF accounts. which is being implemented by the Employees Provident Fund Organisation (EPFO).
However, the employee’s PF account acts as a savings scheme. 12% of the salary is deposited in the PF account. Then the company deposits the same amount in the employee’s PF account. Part of the money deposited in the employee’s PF account is also kept as a reserve for his pension.
As per EPFO rules, an employee is considered eligible for pension if he/she has been contributing to the PF account for more than 10 years. You can also withdraw some of the money in the PF account at your convenience. But if you are withdrawing full amount from PF account then you will not get pension.
Know the Rules of EPFO Regarding Pension
Pension will Not Received After Emptying PF Account
Both the employee and the company contribute to the PF account. 12% of employee salary goes to PF account. The company also deposits the same 12% to the employee’s PF account. Out of the company’s 12% contribution, 8.33% goes directly to the EPS fund and the remaining 3.67% goes to the PF account.
Prerequisite for Getting Pension
If a PF account holder has been contributing to the PF account for 10 years then the employee is eligible for pension. After leaving the job or changing the job, certain conditions must be fulfilled to claim the pension.
EPS Fund Must be Active
If an employee has been contributing to the PF account for 10 years and then quits, the employee needs to keep his EPS fund active to get pension.
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