Calculation Of Provident Fund: The rule of EPFO is that if you work in any company continuously for 10 years, then you become eligible to get pension, but often with private jobs. It is seen that they keep changing jobs.
During a critical situation, it also happens to them that they lose their job. It also takes a long time to get the next job. In such a situation, what will happen to the PF amount that he has deducted in the previous company. Will he drown or if he will get it then how will he get it, what are the conditions that will be applied after getting the PF amount. Many such questions must have come to the mind of the people. You are going to get the answer of these here.
How is PF deducted?
Wherever you work, 8.33 percent money is deducted from your salary and deposited in the Employees’ Pension Scheme. After 10 years of service, that money is given to you as a pension. PF account has its own UAN number. Always keep this UAN number with you. If you leave your first company and move to another company, then your money is transferred to the same account. Along with this, the number of days you have worked in the first company is also added to your new job. In this way your 10 years are counted.
If 10 years are not completed, then what if you are not able to complete the job for 10 years, then there is nothing to panic. You can deposit money in your pension account even before retirement, but you will not get any interest on premature withdrawal. The benefit of the pension scheme will be available only to those who complete 10 years in the job and get their PF amount deducted from the last salary. In the event of losing the UAN number, your PF will be counted anew, so it is important to always keep the UAN number with you.
