nri pension scheme, expatriate? You may get EPF benefits – epf eps pension schemes for nri workers

Many benefits are available to international workers (IW) under Employees Provident Fund (EPF) and Employees Pension Scheme (EPF). Indians working in a foreign country that has signed a Social Security Agreement (SSA) with India, and foreign nationals working in India in an establishment covered by the MP Act can be treated as international workers if they fulfill the specific conditions laid down in the EPF scheme.

India has signed bilateral agreements with 20 countries including Belgium, Germany, Switzerland, Denmark, Luxembourg, France, South Korea, Netherlands, Hungary, Finland, Sweden, Czech Republic, Norway, Austria, Japan, Quebec, Portugal and Brazil.

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EPF Contribution

EPFO is one of the largest social security organizations in the world in terms of clients and volume of financial transactions handled.

According to the guidelines for international workers recently released by EPFO, Indian employees who are going to work in an SSA country can get a Certificate of Coverage (COC) from EPFO ​​if they are contributing to the pension scheme. This certificate helps workers avoid paying social security contributions in the country of employment. However, if you work in a non-SSA country, you may have to contribute to social security both in India and in the country of work.

Two categories of international workers are exempt from social security contributions. SSA nationals with home country COC and Singapore nationals contributing to their country’s social security system under the India Singapore CECA 2005 agreement.

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EPF Benefits

International workers facing retirement, permanent or total incapacity for work, mental disability can withdraw full amount from their EPF account. Members covered under SSA can withdraw full amount on termination of employment.

EPS benefits

An international worker is eligible for EPS pension after more than 10 years of service. A worker from SSA country can withdraw EPS even if his service is less than 10 years. The said person will get early pension from the age of 50 after serving more than 10 years. If the worker dies, the nominee of that person will be entitled to the pension.

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