1. #1
    Unregistered

    How should I apply for pension from my company?

    I am going to retire from next month. I have severed almost 25 years to this company. I want to know whether I will pension from this company. This is a private company. They will provide me my provident fund, gratuity everything after 1.6 months. I donít want everything in lump sum. I want to get this money in installment every month. Is there any way to do this? Do I need to tell this to my company or I have to get it done separately? Please help me in this.

  2. #2
    randhirk.rk Array
    Join Date
    Aug 2012
    Posts
    181

    Re: How should I apply for pension from my company?

    Sir, first of all let me tell you that PF money is deposited with Govt in most of the companies
    It is your savings of your life and you can use this money in your post retirement days

    You should withdraw this whole money from the PF office and if you want this money in instalments than i would suggest a way in which you money would be safe and aslo be in liquid state .
    Once you receive all the money from PF office in your bank account.
    Say for example you recived Rs 10 lakhs as PF
    iF YOU DO NOT REQUIRE THIS MONEY NOW, than make 10 FD od rs 1 lakhs each for min 2 years and some FD of Min 1 years
    In this way money will always be in your hand and will have safety also and money will also be earning an interest of 9% pa and also when you require money , you can break one of the FD's
    This is the best and safest way to keep your Money

    Also if you want money each month than make a FD of all the money and ask for montly interest payment to the bank

  3. #3
    Rohit29 Array
    Join Date
    Jul 2012
    Posts
    176

    Re: How should I apply for pension from my company?

    Respected sir,
    If you have doing work in any private sector company then he take same amount of your salary as PF and is given on the time of of your retirement.the one think is that the retirement is given to any employee is about 60 year of age.
    When ever you have don't want your pension in lump sum so you told the company. If there is such criteria that your pension amount is pay as monthly then you have told that you want to pension as monthly. If There is no such criteria in your company then you have gone to bank and make the FD of your total amount by this your amount will be safe. and when ever you have an emergency of money then you have break that FD on any time.
    The one advantage is that you have got same interest on your FD amount.

  4. #4
    prabhu Array
    Join Date
    Jul 2012
    Posts
    453

    Re: How should I apply for pension from my company?

    Hi Sir,


    Congrats for serving over 25 years and contributing your service for the company growth

    Its possible to inform the company to release the funds in smaller amounts and at periodic intervals

    Just write a letter stating the same and submit to the accounts department on approval from the management

    One of my friend father done this only and its processed accordingly

    Getting pension from private sector is not possible

    If the company provides such schemes you should got deduction in salary itself

    Apply for any pension insurance schemes that is floating around

    That will help you for getting monthly payments as pension



    Thanks !!!!

  5. #5
    Amit Kumar Pal Array
    Join Date
    Sep 2012
    Posts
    63

    Re: How should I apply for pension from my company?

    Originally posted by "Unregistered"
    How should I apply for pension from my company?
    Dear Aspirant,

    >>First Of All Congratulation For completed 25year service in your Company. And Come tp the point You said yu don't want whole money in one time it means you not need it. So Let me tell you that sir your company is private as you said so many pvt. Companies Deposit PF to Govt. So you have to collect your PF in one time from the PF Office in your post retirement days.

    >>But Do not worry i suggest you IF you want this money in installments than either you can deposit amount as FD for One year/ Two year with different different amount, or Deposit This amount on Post office and take monthly interest.

    >>Otherwise you have a better chance you can invest your money in any kind of pvt. business like Institute, Shop etc.

    I hope it helps you.

    Regards
    Amit

  6. #6
    Ashok Array
    Join Date
    Jul 2012
    Posts
    2,293

    Re: How should I apply for pension from my company?

    Dear Aspirant,

    Congratulations for for 25 years.Since you have been working in a pvt.company,your PF amount would have getting dedosited in the employees' provident fund office @ 12.5% of your basic salary.Out of which 8.33% is a pension fund & the remaining is for provident fund.The same % of amount would have been deposited by the employer.This way you will be getting lump sum amount of provident fund at a time & you will be getting pension from the pension fund per month at the caculated rate.Contact your manager accounts & get your works proceeded.

    Thanks.

  7. #7
    G.one Array
    Join Date
    Jul 2012
    Posts
    677

    Re: How should I apply for pension from my company?

    Private companies does not provide pensions to their employees. But if you want your amount of provident fund, gratuity in instalment, then you have two alternatives. Alternative I- you need to write an letter to the accounting department of your company and request for the installment facility. They will provide the same according to rules. Alternative II- You can take the lumpsump amount of provident fund, gratuity from the company, invest it in the bank and make it as fixed deposit or you can also invest in pension plans of various insurance companies.

  8. #8
    vijaybanna Array
    Join Date
    Sep 2012
    Posts
    232

    Re: How should I apply for pension from my company?


    Dear Friend

    It depends in your company in which you are working

    So far I know that only government servant is given monthly pensions.

    And there is no such scheme in the Private sector..

    But you can ask the account department of your company if they give us your PF account money in monthly installments..

    If there is any such scheme then it is best and if it is not then Deposit your PF account money into a Insurance scheme that will provide you the monthly pension

    ALL THE BEST

  9. #9
    Boss Array
    Join Date
    Jul 2012
    Posts
    1,649

    Re: How should I apply for pension from my company?

    First of all let Pine Tree State tell you that PF cash is deposited with Govt in most of the businesses
    it's your savings of your life and you'll be able to use this cash in your post retirement days

    you must withdraw this whole cash from the PF workplace and if you wish this cash in installments than i'd counsel the way within which you cash would be safe and even be in liquid state .
    Once you receive all the cash from PF workplace in your checking account.
    Say as an example you received Rs ten laths as PF
    You can build a FD.
    during this approach cash can forever be in your hand and can have safety additionally associated cash will additionally be earning an interest of Sept. 11 pa and also once you need cash , you'll be able to break one among the FD's
    this can be the simplest and safest thanks to keep your cash
    additionally if you wish cash monthly than build a FD of all the cash and kindle monthly interest payment to the bank

    If you've got doing add any personal sector company then he take same quantity of your remuneration as PF and is given on the time of of your retirement.the one suppose is that the retirement is given to any worker is regarding sixty year older.
    Once ever you've got don't need your pension in payment therefore you told the corporate. If there's such criteria that you just pension quantity is pay as monthly then you've got told that you need to pension as monthly. If there's no such criteria in your company then you've got gone to bank and build the FD of your total quantity by this your quantity are safe. associated once ever you've got an emergency of cash then you've got break that FD on any time.

    The one advantage is that you just have gotten same interest on your FD quantity.

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