Am i eligible for pension?

Querist : Anonymous (Querist) 11 September 2011 This query is : Resolved
dear sir,

iam working in one of the biggest retail chain industry from past 10years my age is now 45 if i take retirement / resignation now or at the age of 58 will i eligible for monthly pension scheme. what are the labour laws in the favour of private employees like us.

thanks in advance.

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R.Ramachandran (Expert) 11 September 2011
From your post it appears that it is not a government organizatin.
Therefore, first you have to check up with your organization (preferably from the HR) about the pension scheme available in your organization and about the details of benefits available.

Querist : Anonymous (Querist) 11 September 2011
yes sir its not a govt oranisation i spoke to HR regarding this he told only higher designation employees (directors/national managers etc) eligible for pension not others what are the legal rights for private employees like us

prabhakar singh (Expert) 11 September 2011
No right with regard to pension you then have ,you need to create pension corpus on your own.

R.Ramachandran (Expert) 11 September 2011
You have to come out with the name of your organization. You must also reveal your position in the organization. Please indicate whether any Employees Provident Fund deduction is being made for you from your salary.

Once we get the above information, then if possible, we will try to find out the exact position.

prabhakar singh (Expert) 11 September 2011
Had there been a deduction by organization,question might have not arose as query before us was my reason of answer.

Querist : Anonymous (Querist) 11 September 2011
Sir,

the pf amount is deducting every month from salary.

iam the store manager of one of the store

R.Ramachandran (Expert) 11 September 2011
What is stopping you from indicating the name of the Organization?

K.S.Srinivas (Expert) 11 September 2011
EPF Act 1952 is applicable to all the establishments where 20 or more than 20 employees are engaged in that establishment. In the EPF Act 1952, Pension Scheme 1995 is of the three schemes. If EPF Act 1952 is applicable to your organisation (in case 20 or more employees are working, then it is applicable, then automatically pension scheme 1995 is also there. Then you are eligible for pension also under pension scheme 1995.

Therefore, find out whether EPF Act 1952 is applicable to your organisation or otherwise.

prabhakar singh (Expert) 11 September 2011
PF relates to provident fund which is deducted and also contributed by employer
as already rightly told by Mr.K.S.Srinivas

Guest (Expert) 11 September 2011
Even under EPF, your post (store manager) may not fall within the ambit of employees pension schem, as the maximum pensionable salary with effect from June 2001 is Rs.6,500 only. So, you can get benefit of only PF (your own contribution along with the contribution of the employer duly added with interest accrued on the balances.

M/s. Y-not legal services (Expert) 11 September 2011
Nothing more to add.. But i feel this author thinking that he is the only one brilliant in this world.