EPFO Rules Private Employee : If you do a job in the private sector, and you have completed 10 years while doing the job. Then you must read this news. Let us tell you that there is a plan from the Central Government to give pension to the private sector employees every month after retirement.
get pension facility
It is known that if the employees working in the organized sector work for 10 years. In such a situation, pension is received every month after the age of 58 years. This is the reason that every month some money is deducted from the salary of the employees which is deposited in the PF account. To take advantage of this scheme, employees have to fulfill certain conditions.
What is EPFO rules
Let us tell you that according to the Employees’ Provident Fund Organization (EPFO) rules, 12 percent of the Basic Salary and Dearness Allowance of employees working in the private sector is given to the Provident Fund every month. (Provided Fund) is deposited. Also, the entire share of the employee goes to EPF. 8.33 percent of the company gets deposited in the Employees Pension Scheme. At the same time, 3.67 percent goes to EPF every month.
Understand the tenure of the job like this
Any employee starts getting eligibility for pension after working for 10 years. There is a condition that the tenure of the job should be 10 years. The service of 9 years 6 months has also been accounted for equal to 10 years. If the tenure of the job is less than 9 and a half years, then it will be considered as 9 years only. If the employee can withdraw the amount deposited in the Pension Account before the age of retirement. Those people will not be entitled to pension.
Keep these important things in mind
- If there is a gap in the job after leaving an institution in the job, then whenever you start the job again, do not change your UAN number.
- On changing jobs, money is transferred to the account on behalf of your new company. Also, the total tenure of your previous job will be added to the new job. In such a situation, you will not need to complete 10 years of employment again.
- If the employee has worked in two different institutions for 5-5 years. So such employee will get the benefit of pension.
- Sometimes there is a gap of 2 years between the two jobs, then will that employee be entitled to pension. Sometimes people lose their jobs.
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