Then you should try reading this: http://www.epfindia.com/Circulars/EPS95_update102008.pdf .
Sounds too complicated? Let us simplify some part of it.
A Part of PF contribution goes to Pension fund. The Aim is to give you some money when you get retired on monthly basis, or in other words to pay you Pension.
1. When will I get Pension:
After you reach age of 58 years or 50 Years if you are willing to get a reduced amount.
2. How much pension I can get?
Well, If you work for 35 years and when you are 58 your basic pay is more than 6500 then you can get around 3250 Rs per month. Formula for calculation is as below
Pension = (Last pensionable salary*Years of pensionable service)/70
3. Can I withdraw the amount?
Yes and No
Yes: If you withdraw your PF before 9 year 5 months of service.
No: If you withdraw your PF after 9 year 6 month of service.
4. How much amount I will get when I withdraw?
On the left are your number of years service, Multiply With the factor to your basic salary to calculate your pension. Eg your Basic was 6500 and your worked for 5 years and withdraw the pension the it will be 6500*5.02 Rs.
5. What happens after you complete 10 years of service?
You get a service certificate which you can use to get pension after you attain age of 50 or 58.
6. Why can't I see the Pension fund amount after I transferred my PF account to another company?
Because the amount never gets transferred, Only the service gets transferred..! Reason being the pension calculations are done on Your Last drawn salary for 12 months and Your total service.
So the moral of story is: Start investing in Some other pension schemes which can give you a better return than the EPS. This Pension Scheme is just a eyewash by government. Why? Lets do a simple calculation. You contribute 541 Rs for 35 years in a RD and lets assume a interest of 8%, you will get amount of 1233189. Keep it in FD at 7% Interest then also you will get more amount than what government is paying(Interest rates are subjected to change).
That is all the Gyaan I can give right now. Next I will try to explain the part how to transfer and withdraw your PF account.
Please ask your queries in the comments...!! Thanks for reading. Share it if you like it... :)
There are a Few More posts by me on Provident fund You can read them at below Links.
Provident Fund Explained: Part 1
Provident Fund Checking Balance: Part 2