Mr. Shekhar Kumar, please be informed that a PSB OFFICER will forfeit his past service on resigning the job per the BANK EMPLOYEES PENSION REGULATION 1995 & will not be eligible to get Pension. The bank will not pay the Bank’s contribution to PF which goes into the Pension Trust to fund the Pension.

Ans: Securing Pension Benefits from EPF After Retirement
Planning for pension benefits from your EPF account after retirement requires careful consideration and proactive steps. Let's outline a strategy to ensure you receive pension benefits after turning 60.

Understanding EPF Pension Eligibility
Assessing Eligibility Criteria

Confirm eligibility for EPF pension benefits by ensuring you have completed at least 10 years of eligible service, which you have accomplished.
Verifying EPF Account Details

Verify that your EPF account reflects your entire service duration accurately, including the period from March 2011 to September 2021.
Retaining EPF Account for Pension Benefits
Maintaining EPF Account

Avoid withdrawing your EPF amount upon resignation to retain eligibility for pension benefits.
Let your EPF account accrue interest and remain active until you reach the age of 60.
Ensuring Continuous Contributions

If you join another organization, ensure that your new employer continues contributing to your EPF account, maintaining the continuity of your EPF membership.
Applying for Pension Benefits
Submitting Pension Application

Upon reaching the age of 60, submit an application for pension benefits to the Employees' Provident Fund Organization (EPFO).
Provide necessary documents, such as identity proof, EPF account details, and pension application form, as per EPFO guidelines.
Completing Formalities

Fulfill any additional formalities required by EPFO, such as verification of service details and submission of supporting documents.
Seeking Professional Advice
Consulting Certified Financial Planner (CFP)

Seek guidance from a Certified Financial Planner (CFP) specializing in EPF matters to ensure compliance with EPF regulations and optimize pension benefits.
A CFP can assist in navigating the pension application process and addressing any complexities or queries that may arise.
Regular Monitoring
Monitoring EPF Account

Periodically monitor your EPF account statements to ensure accuracy and track the accumulation of pension benefits over time.
Following Up with EPFO

Follow up with EPFO authorities regarding the status of your pension application and address any delays or discrepancies promptly.
Conclusion
By retaining your EPF account and completing the necessary formalities upon reaching the age of 60, you can secure pension benefits from your EPF account after retirement. Seeking professional advice and maintaining regular communication with EPFO authorities will help streamline the process and ensure a smooth transition to pension benefits.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: According to the EPS rules, you are eligible to receive a monthly pension after you reach the age of 58 years, or after early retirement at 50 years. However, if you defer the pension for 2 years (until you reach the age of 60 years), you will be eligible to receive the pension at an additional rate of 4% per year.

Since you have completed more than 10 years of service and transferred your EPS amount to the new company, you do not need to withdraw the EPS amount. You can continue to contribute to the EPS scheme until you retire or reach the age of 58 years, whichever is earlier. The accumulated corpus in EPF can be with withdrawn in one go at the time of retirement

Ans: The pension status after retirement depends on various factors, and it can vary based on the policies of the specific companies you worked for and the pension scheme they offer. Here are some general points to consider:

Previous Employment Pension: If your first company had a pension scheme, you might be entitled to a pension from that organization. The amount could depend on factors like the number of years you worked, your salary, and the terms of the pension plan.

New Employment Pension: Your current company may also have a pension scheme in place. The terms and conditions would be outlined in the pension plan of the current employer, including factors like years of service, salary, and the pension formula.

Government Pension Schemes: Depending on your country, there may be government pension schemes that you are eligible for, such as the Employees' Pension Scheme (EPS) in India. Check the specific rules and eligibility criteria for such schemes in your region.

Private Pension Plans or Provident Fund (PF): If you withdrew your PF from the first company, it might impact your pension status. In some cases, withdrawing PF may affect your eligibility for certain benefits. Check the policies of both companies and any relevant regulations in your country.

Retirement Savings and Investments: If you have personal savings, investments, or other retirement accounts, these will contribute to your overall financial well-being after retirement.

It's crucial to review the terms and conditions of your pension plans with both the previous and current employers. You may want to consult with the human resources department or the pension administrator of each company to get a clear understanding of your entitlements and how they will be calculated. Additionally, consulting with a financial advisor can help you plan for a comfortable retirement based on your specific financial situation.

Ans: Thank you for getting in touch with me on Rediff Gurus. It's understandable to feel frustrated and low after dedicating over two decades to your job, especially when you're contemplating resigning but feel constrained due to financial obligations like housing and gold loans. I would recommend that you to take some time to assess your current situation and explore all your options. Consider the reasons behind your frustration and dissatisfaction with your job. Are there specific aspects of your role or workplace environment that are contributing to your feelings of discontent? Understanding the root causes can help you make informed decisions about your next steps.

If you ultimately decide to resign from your current job, develop a plan for transitioning to a new phase of your career or life. Update your resume, network with professionals in your industry, and explore job opportunities that align with your skills, experience, and interests in banking, finance, consulting, and related fields. 

Finally, prioritize self-care and well-being as you navigate this challenging period. Take time for activities that bring you joy and relaxation, such as hobbies, exercise, spending time with loved ones, or pursuing personal interests. Maintaining a healthy work-life balance and attending to your emotional and mental health are essential for resilience during times of change and uncertainty.

Remember that you're not alone in facing these challenges, and there are resources and support systems available to help you navigate this transition. Take things one step at a time, be patient with yourself, and trust that you have the resilience and strength to overcome obstacles and find fulfillment in your career and life. Best of luck! Feel free to contact me on Rediff Gurus if you need further assistance or help.