EPFO New Rules: Those who complete 10 years of private job will also get pension
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EPFO New Rules: Those who complete 10 years of private job will also get pension
EPFO rules
According to the rules of EPFO, 12 percent of the basic salary and DA of the employee goes into the PF account every month. Out of which the entire part deducted from the employee’s salary goes to the EPF, while 8.33% of the employer company’s share goes to the Employees’ Pension Scheme (EPS) and 3.67% goes to the EPF contribution every month.
Entitled to pension after 10 years of service
In such a situation, according to the rules of EPFO, even after working for 10 years in a private company, the employee becomes entitled to pension. In this, the only condition from the employee is that 10 years of the tenure of the job should be completed. Let us tell that the job period of 9 years 6 months is also counted as 10 years. But keep in mind that if the duration of the job is less than 9 years, then it will be counted for 9 years only.
There should be only one UAN number, only then you will get pension
According to EPFO, those who complete the tenure of the job by adding all the jobs between 10 years will be entitled to pension. But the employee will not have to change his UAN number. That is, there should be only one UAN for a total period of 10 years of service.
The reason for this is that even after changing the job, the UAN remains the same and the entire money deposited in the PF account will be reflected in the same UAN. If there is a gap of some time between two jobs, then the tenure is considered as one by removing it. That is, the gap between the previous job and the new job is removed, and it is added to the new job.
EPFO rules
According to the rules of EPFO, 12 percent of the basic salary and DA of the employee goes into the PF account every month. Out of which the entire part deducted from the employee’s salary goes to the EPF, while 8.33% of the employer company’s share goes to the Employees’ Pension Scheme (EPS) and 3.67% goes to the EPF contribution every month.
Entitled to pension after 10 years of service
In such a situation, according to the rules of EPFO, even after working for 10 years in a private company, the employee becomes entitled to pension. In this, the only condition from the employee is that 10 years of the tenure of the job should be completed. Let us tell that the job period of 9 years 6 months is also counted as 10 years. But keep in mind that if the duration of the job is less than 9 years, then it will be counted for 9 years only.
There should be only one UAN number, only then you will get pension
According to EPFO, those who complete the tenure of the job by adding all the jobs between 10 years will be entitled to pension. But the employee will not have to change his UAN number. That is, there should be only one UAN for a total period of 10 years of service.
The reason for this is that even after changing the job, the UAN remains the same and the entire money deposited in the PF account will be reflected in the same UAN. If there is a gap of some time between two jobs, then the tenure is considered as one by removing it. That is, the gap between the previous job and the new job is removed, and it is added to the new job.
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https://www.desidime.com/discussions/epfo-new-rules-those-who-complete-10-years-of-private-job-will-also-get-pension?page=1#post_9149784
Yes. As long as service history is updated.
Alsto note that pension is negligible ..
Alsto note that pension is negligible ..
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https://www.desidime.com/discussions/epfo-new-rules-those-who-complete-10-years-of-private-job-will-also-get-pension?page=1#post_9150203
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https://www.desidime.com/discussions/epfo-new-rules-those-who-complete-10-years-of-private-job-will-also-get-pension?page=1#post_9150429
Anyone who got their first PF eligible job after 1st Sept 2014 and had more than 15K as PF linked salary is not eligible to be member of EPS-95.
The provision of getting pension after completing 10 years of pensionable service was always there in the scheme, right from 1995. So how is this new?
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Worked 4 years and i cleared full of pension amount and pf amount.. after some gap.. started with new company with same uan and worked 6 years..it so i eligible for pension