EPFO New Rules: Those who complete 10 years of private job will also get pension

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2023-03-13

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.

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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_9149546

Manojvsm

2023-03-13

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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

https://www.desidime.com/discussions/epfo-new-rules-those-who-complete-10-years-of-private-job-will-also-get-pension?page=1#post_9149784

Sudarshan61

2023-03-13

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Manojvsm wrote:
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

Yes. As long as service history is updated.
Alsto note that pension is negligible ..

https://www.desidime.com/discussions/epfo-new-rules-those-who-complete-10-years-of-private-job-will-also-get-pension?page=1#post_9149825

Best_Deal_Hunter

2023-03-13

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Sudarshan61 wrote:
Yes. As long as service history is updated.
Alsto note that pension is negligible ..

Can you tell us what is the amount of pension one gets as EPFO Pension?

https://www.desidime.com/discussions/epfo-new-rules-those-who-complete-10-years-of-private-job-will-also-get-pension?page=1#post_9149928

noobDealer

2023-03-13

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Manojvsm wrote:
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

can we withdraw eps contribution too? when i applied for moving balance after switching job on epf contribution was moved

https://www.desidime.com/discussions/epfo-new-rules-those-who-complete-10-years-of-private-job-will-also-get-pension?page=1#post_9149934

Manojvsm

2023-03-13

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noobDealer wrote:
can we withdraw eps contribution too? when i applied for moving balance after switching job on epf contribution was moved

Yes .but atleast 3 months your pf account not receive any payment after left job

https://www.desidime.com/discussions/epfo-new-rules-those-who-complete-10-years-of-private-job-will-also-get-pension?page=1#post_9149975

Sudarshan61

2023-03-13

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Best_Deal_Hunter wrote:
Can you tell us what is the amount of pension one gets as EPFO Pension?

Average Salary * Pensionable Service / 70 where,

Average Salary means the average of the Basic Salary + DA combined, drawn in the last 12 months, and

Most cases 15K will be average service..

https://www.desidime.com/discussions/epfo-new-rules-those-who-complete-10-years-of-private-job-will-also-get-pension?page=1#post_9150203

third.i.financial.advisors

2023-03-13

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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

panchabhut

2023-03-14

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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?

https://www.desidime.com/discussions/epfo-new-rules-those-who-complete-10-years-of-private-job-will-also-get-pension?page=1#post_9177050

Vinod358

2023-03-28

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Sudarshan61 wrote:
Yes. As long as service history is updated.
Alsto note that pension is negligible ..

I have transferred my old pf to new pf account as UAN's are different.

Able to see old pf details in new pf/uan,

But service history its only showing new organisation joining date details

https://www.desidime.com/discussions/epfo-new-rules-those-who-complete-10-years-of-private-job-will-also-get-pension?page=1#post_9182963

panchabhut

2023-03-31

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Vinod358 wrote:
I have transferred my old pf to new pf account as UAN's are different.
Able to see old pf details in new pf/uan,
But service history its only showing new organisation joining date details

you can request for merger to UAN