ECONOMICS
MONEY MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
You receive 1/2 of it when you leave the company
|
|
|
You receive 1/3 of it when you leave the company
|
|
|
You receive all of the money and can roll it into your new retirement plan
|
|
|
You don’t receive any of the money
|
Detailed explanation-1: -When you leave your employer, you do not lose the benefits you have built up in a pension and the pension fund belongs to you.
Detailed explanation-2: -No, you cannot withdraw your pension contribution without leaving a job. You can only withdraw your pension amount if you are unemployed for a period of 2 or more months (provided you have completed less than 10 years but more than 6 months of service).
Detailed explanation-3: -If you are withdrawing from PF pension amount and Employee Pension Scheme amount before completing 10 years at workplace. You can claim both PF and EPS amount if you have not completed 10 years at your workplace.
Detailed explanation-4: -EPS amount can only be withdrawn if the individual quits the company before joining the new company. The individual can withdraw the savings of EPS on the EPFO portal by claiming Form 10C. The employee should have an active UAN and link it to the KYC details to withdraw the savings from the employee pension scheme.