2. Contributory pension applies to private companies with over 15 workers.
3. The Employer and the employee contribute a percentage of the employees’ salary to the scheme every month.
5.Employees are expected to choose a Pension Fund Administrator (PFA) and provide details to their employer
7. An employee can maintain the same PFA after changing job,however, he can switch to another PFA only once in a year.
9. Funds contributed are invested by the PFA in approved investments (Bond, securities etc)
12. The programmed monthly or quarterly withdrawals is calculated on the basis of an expected lifespan
14. A Person disengaged before the age of 50 and is unable to secure another employment within four months may withdrawal 25% of the total amount