Know when you will get pension money deducted in PF & process of withdrawals
Do you know that the PF money deducted from your salary is deposited in which item. No, then know Actually, the money of the PF of the jobbers is deposited in two items. The first is deposited in the Employees Provident Fund (EPF) and the second in the Employees Pension Scheme (EPS).
Employee has to pay 12% in PF
Also tell you that 12 percent of the basic salary of the employee in PF account and the same amount is deposited by the employer i.e. the company. Out of the amount deposited in the PF, 3.67 percent of the money is deposited in the EPF and the remaining 8.33 percent in the Employees Pension Scheme, but no more than Rs 1,250 can be deposited in the pension scheme every month.
PF can be withdrawn up to 70 percent from the account
For your information, let us know that any employee can withdraw 70 percent of his share from his PF account at any time. This withdrawal can be done for marriage, for the education of children, to build houses and for the treatment of disease.
When will the money be withdrawn from the pension fund
Along with this, let us also tell you that the rules for withdrawing money from pension scheme in PF account are different. According to EPS rules, if an employee has given less than 10 years of service at the time of leaving the job, he can withdraw lump sum money from the EPS account after completing 58 years or 10 years of service.
Employees under 58 years can get a certificate
At the same time, if the age of that employee is below 58 years, then instead of withdrawing outright money, he can opt for the scheme certificate under EPS. Such a scheme certificate can be obtained when the person has planned a job in another institution. If the years of service have passed 10 years, then the scheme certificate is issued to the person.
Withdraw money through Form 19 and 10C
If the service period is more than 6 months but less than 9 years & 6 months, then by submitting Form 19 and 10C, the amount of pension along with PF amount can also be withdrawn, but for this you will have to apply in the PF office by manual method. The facility of withdrawing pension funds has not yet been introduced in the online process. After filling the form, they have to be submitted in the EPFO office itself.
Cannot withdraw money by transferring funds
If PF transfers from one account to another, whatever your service history, you will never be able to withdraw the pension amount under any other circumstances. If your service history becomes 10 years old even after working at different place, you will become entitled for pension and at the age of 58 you will get some salary as monthly pension.