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News India Live, Digital Desk: EPFO: A part of the salary of most people working is deposited in their Provident Fund (PF) account. Whenever a person changes the job or needs money, first of all, he gets the idea of ​​withdrawing his PF money. But do you know that it is not always possible to withdraw all the money from PF? And by doing this you can also wash your pension.

Come, let’s understand the essential rules of EPFO ​​which is to both your money and pension.

There are two parts in your PF account

First of all, it is important to know that the money in your PF account is deposited in two parts:

1. Provident Fund (EPF): It contains 12% cut off from your salary and 3.67% of your company.

2. Pension Scheme (EPS): 8.33% of the 12% of your company goes to this pension account.

’10 years’ rule of pension and PF extract

How much money you can withdraw from your PF account depends entirely on your service period.

• If the job is less than 10 years:
  If you have done a job for less than 10 years in total and now you are not working anywhere, then you deposited in your PF account Full amount (EPF + EPS money) Can remove But keep in mind, if you withdraw money with pension, then the eligibility of your pension will end.

• If the job is more than 10 years:
  This is the most important rule. If the total duration of your job 10 years or more If you have done Can not withdraw money deposited in Pension Scheme (EPS). You can only withdraw the amount deposited in your Provident Fund (EPF). Pension money is deposited in your account and you get pension every month when the age of 58 years is completed.

If you understand in straight language, as soon as you complete the 10 -year job, you become a member of EPFO’s pension scheme and then your pension money is locked for retirement. Therefore, if you want the support of pension in old age with your hard earned money, do not think of withdrawing pension money after completing 10 years of job.

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