For the secure future of the employee, money is deposited in two types of schemes in EPF. In this, you can withdraw money from PF account if needed. Whereas pension facility is available from EPS.
Rules for withdrawing pension money
In order to provide relief to the Provident Fund members during the Corona epidemic, EPFO has given them the freedom to withdraw money from their account. Under which they can withdraw money for 3 months basic or 75 percent of the total deposit. But apart from PF, can the funds being deposited in pension also be withdrawn, especially if it has been only 6 months while working. In such a situation, it is very important to be aware of the rules of EPFO.
Your money is deposited in Employee Provident Fund (EPF) by EPFO in two types of schemes. The first is the Provident Fund (EPF) and the second is the Pension Fund (EPS). 12 percent of the basic salary of the employee and the same part given by the company is put into the account in two pieces. The first contribution 3.67% is deposited in EPF and the remaining 8.33 percent is deposited in Employees’ Pension Scheme EPS. The amount deposited in EPS is given as pension after 58 years. However, you can also remove it on the basis of the standards set earlier.
Difficult to withdraw money in less than 6 months job
According to the EPFO rules, if the employee has worked for less than 6 months, then can there be a problem in withdrawing the pension money. According to the rule, if the duty of 6 months i.e. 180 days is less than then you will be able to withdraw only the amount of PF. But, you will not get the amount deposited in the pension.
Will be entitled to pension after 10 years
If your job has been more than 9 years and 6 months, then it is considered entitled to pension. Because after 10 years of service, you can get pension. However, the benefit of pension will start only when you retire. You will get the benefit of this pension for life after 58 years. Before this, you can withdraw the PF amount if needed.
Also read: Now you can earn 10 lakh rupees while sleeping, this company took out a unique job
7th Pay Commission: Good news for the employees, the government has made CEA claim easy, this benefit will be there
.
