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News India Live, Digital Desk: Are you also planning to change job, but are worried about the fear of losing your pension? Many employees believe that if they change jobs before completing 10 years of service, their pension money will be lost or the calculation will start from zero again. But now you don’t have to worry. There is a provision in the rules of Employees Provident Fund Organization (EPFO), which solves this problem of yours.
Even if you leave the job before completion of 10 years of service, your pension will not be broken. The service of your old job will be added to your new job, so that you will not face any problem in getting pension after retirement. But for this you will have to fulfill a very important condition.
What is that necessary condition?
According to the rules, if an employee leaves the job before completion of 10 years, he within 12 months i.e. one year Will have to join another job. If you join a new job within this time limit, your old service will not be considered a break and it will be added to the service of the new job.
For example, if you worked in a company for 6 years and then left the job. After this, if you join another job within a year, your service for pension will be counted beyond 6 years. You just have to work for 4 more years and your 10 years of pensionable service will be completed.
It is important for UAN to remain active
To avail this facility, it is most important that your Universal Account Number (UAN) remains active. You do not have to change your UAN during job change or break. When you join a new company, give the same old UAN to your new employer. By doing this, your new Provident Fund (PF) account will also be linked to the same UAN and continuity of your service will be maintained.
What happens if 10 years of service is not completed?
To avail the benefits of Employee Pension Scheme (EPS), it is necessary for an employee to work for at least 10 years. It is not necessary that these 10 years of service be in the same company. If an employee is not able to complete 10 years of service and has no plans to work in the future, he has the option to withdraw the amount deposited in the pension account. However, for those who want to work further, it is a better option to get a pension scheme certificate, so that the service can be linked on joining a new job.
This rule of EPFO will benefit lakhs of employees who often change jobs for better opportunities. This rule helps a lot in protecting their social security and pension rights.