There are millions of EPFO subscribers across the nation. In accordance with EPFO regulations that if an employee is employed for 10 years, the employee is entitled to a pension. 12.5% of the base salary of each employee is put into EPFO. From this amount, 8.33 percent is deposited in the pension account, and 3.67 percent is within the EPF. It has been noticed numerous times that people quit their jobs at the mid-point. In addition, there are those who have a break from their work in between. A lot of women quit their job halfway through because of household obligations and return later. In this scenario, it is often a question in the minds of EPF participants if they can be eligible for retirement benefits if they decide to join later after having left the position at the midpoint. Find out the essential regulations pertaining to EPF.
Which is the law that applies to having 10+ years of work?
In accordance with the regulations of EPFO rules. If an employee would like to work for some years, then the prior years of work are added to the time of the position. In order to benefit from the pension plan of EPF it is necessary to have been employed for at least 10 years total. If a company is changed its UAN numbers (UAN) don’t change and it is transferred from one firm to another. Additionally, the duration of the job of the employee will be measured by taking out the time gap between.
Learn by a concrete example
We will explain this by giving an illustration. If a person has been working in a business for 7 years. Then, he went on a break of one year. After that, he returns for 4 years, and the whole time of employment is taken to be 11 years. In this case, the employee will be eligible for an EPF pension. However in accordance with the regulations for EPFO pension, when someone is employed at a rate of 9.5 years, there is a six-month grace, which is equivalent to 10 years.
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