PF a/c holders Pension benefits. After retirement getting very less pension.
Dear Respected members,
Please note I am 56 year old, and I have been a PF a/c holder for past 19 years. When I check what is the pension I am going after 60 OR retirement, it is very less around Rs 3000/- PM. If i am wrong as on todays PF rules and regulations, please please let me know what is pension I am eligible after 23 years of pf contribution.
I am working in private company and there are no pension benefits. So all pf ac holders should bring it to Govt notice to enhance the pension, so that minimum living cost (include food for two and minor health expenses are covered, or others can add to it) is paid as pension.
Looking forward for your valuable feedback.
Yes. Pension starts very next day of your completing 58 years. You will also get 100% employers contribution fully into your into your account without deducting towards EPS95 PENSION. more
Start adding in VPF if want safe return , max 250000/year to get tax free interest. more
I think what you people are talking is the EPS -employee pension scheme as per 1995 act.Earlier to 1995 employee contribution and employer contribution were there but from 1995 since no pension was given govt made an act by which part of the money contributed by the employee was put in the pension fund and once the person retires at 58 yrs he starts getting the pension after filling up the formalities.The remaining amount of the PF both the employee and employer is given to the employee .Hope you are referring to the EPS more
3000 is very good sum, my father also contributed almost 25 years in a private service and he use to get 1750 pm. All I can say is invest money in good Mutual funds and other schemes to build your corpus. Don't depend in PF pension at all. more
I think pension schemes of any insurance companies, the pension depends on your term and premium. Similar to that the EPF scheme of PF also based on the contribution the employers make, where there is a ceiling on contribution to this scheme. Hence the pension from EPF is also restricted to that level.
T Ramesh more
Very NEXT DAY after completing 58 years, your pensions starts if all formalities are completed by your employer in co ordination with PF office. It depends on your eligible salary. You will know once PPO-PENSION PAY ORDER is issued after 58 years age more
I just completed 58 years and still working... WILL I START GETTING PENSION? more