Employees’ Provident Fund Organisation: Has this question ever come to your mind that those who withdraw money from PF also get pension after retirement? If you are withdrawing money from PF, will you get pension after retirement? What are the rules related to this? Actually, the answer to this question is yes… Even if you are withdrawing money from PF, the employees coming under the purview of Employees Provident Fund Organization (EPFO) get pension on retirement. However, for this the employee has to work for at least 10 years.
If a person claims pension before 58 years, then…
Every month 12 percent of the basic salary has to be deposited in EPFO. Out of this, 8.3 percent is deposited in the PF account and 3.67 percent is deposited in the EPF scheme. The amount deposited in the EPF scheme is given as pension after maturity. After the age of 50 years, EPF account holder can claim pension.
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If a person claims pension before 58 years, there will be a deduction of 4 percent every year. After retirement, 75 percent of the amount deposited in EPF fund is given in lump sum and 25 percent is given every month as pension. At the same time, the formula for calculating pension is – Average salary x Pensionable service / 70.
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Entitled to pension after working for 10 years
Let us tell you that if an employee contributes to EPFO then he becomes entitled to get pension after working for 10 years. However, he gets this pension after completing the age of 58 years. Pension can be taken even after 50 years, but the pension will be given with a deduction.
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