Do you know that a fund is deposited in your PF fund in the form of pension, which you can withdraw only till a certain time. After that you have to wait a long time for it.
A part of the salary of the salaried people is deposited in the form of PF account. Money is deposited in this fund in two ways, one is EPF and the other is pension fund. Although the pension fund is deposited to give pension after retirement, but it can also be withdrawn if needed. By the way, normal funds can be withdrawn on many occasions, including marriage, building a house, medical etc. However, there are different rules for withdrawing pension funds.
The special thing about pension fund is that it cannot be withdrawn on every occasion and there are many conditions for withdrawing it, which are necessary to fulfill. Also, there is a condition regarding time, in this you can withdraw pension fund till a certain time, otherwise you may have to wait for a long time. But, this rule is applicable only for pension funds and you can withdraw EPF on many occasions. In such a situation, know what are the rules related to pension fund…
For how many years can one withdraw pension fund?
If you have been working for 6 months, that is, it is necessary to open your pension fund for at least 6 months. You can apply for pension fund once after 6 months of opening the PF account. Apart from this, you can withdraw this fund only for 10 years. For example, suppose you are going to have 10 years while working or opening a PF account, then you can withdraw it till the age of 10 years. On being more than 10 years, a pension certificate is issued regarding the pension fund, for which there are different rules.
When can I withdraw money?
EPF money can be withdrawn on many occasions, but this is not the case with pension funds. This fund can be withdrawn only one time and that time is while leaving the job. If you are leaving the job, then you can get pension when the entire account is closed. It is not that you can withdraw this money like EPF for marriage, construction of house or medical emergency. For this you will have to leave the job, after that you will be able to claim it and it may take you about 2 months to withdraw this money.
What is PF Fund?
The amount deducted from your salary as Provident Fund gets deposited in two accounts. In this, the first is Provident Fund i.e. EPF and the second is Pension Fund i.e. EPS. 8.33 percent of the money deposited by the employer in your salary is deposited in the Employees’ Pension Scheme, while 3.67 percent is deposited in the EPF. The maximum amount that can be deposited in the EPS account every month is Rs 1,250.
