Hi,
I am still confused. Can anyone tell me if I can withdraw the PF amount after completing 3 years of continuous service? In that case, can I also withdraw the Family Pension Scheme (FPS) amount? I heard that in this scenario, I will be entitled to withdraw the PF amount only (12% + 3.67% = 15.67%). Please clarify or help, as I am afraid to hear that I have to complete 10 years of continuous contributions to the PF Account to withdraw my FPS amount; otherwise, it shall be forfeited, and I will only receive 15.67% of 24%.
Regards,
VIJAY RAWAT
From India, New Delhi
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I am still confused. Can anyone tell me if I can withdraw the PF amount after completing 3 years of continuous service? In that case, can I also withdraw the Family Pension Scheme (FPS) amount? I heard that in this scenario, I will be entitled to withdraw the PF amount only (12% + 3.67% = 15.67%). Please clarify or help, as I am afraid to hear that I have to complete 10 years of continuous contributions to the PF Account to withdraw my FPS amount; otherwise, it shall be forfeited, and I will only receive 15.67% of 24%.
Regards,
VIJAY RAWAT
From India, New Delhi
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For withdrawal benefit from EPS, your service should be six months or more but below 9 years and six months. For those who completed 9 years and six months will not get withdrawal benefit, but monthly pension only. For those who have a service of below six months can neither withdraw the amount nor avail pension, but they can transfer the service to add up with future service.
In the above-cited case, you are eligible for withdrawal benefit.
Abbas. P. S.
From India, Bangalore
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530In the above-cited case, you are eligible for withdrawal benefit.
Abbas. P. S.
From India, Bangalore
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Dear VIJAY RAWAT,
First of all, please note that after claiming your EPF accumulation following the completion of 3 years of service, you can receive the full amount, i.e., (12% + 3.67%) + interest rate + 8.33% (EPS accumulation). The EPS amount will only be forfeited if the contribution is less than 180 days or 6 months. If the accumulation contribution is completed for 10 years, the amount transfers to the scheme and will be paid in the form of a pension after reaching 58 years of age.
Thanks & Regards,
Sumit Kumar Saxena
9899669071
From India, Ghaziabad
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First of all, please note that after claiming your EPF accumulation following the completion of 3 years of service, you can receive the full amount, i.e., (12% + 3.67%) + interest rate + 8.33% (EPS accumulation). The EPS amount will only be forfeited if the contribution is less than 180 days or 6 months. If the accumulation contribution is completed for 10 years, the amount transfers to the scheme and will be paid in the form of a pension after reaching 58 years of age.
Thanks & Regards,
Sumit Kumar Saxena
9899669071
From India, Ghaziabad
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PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf
Employee Pension Scheme, 1995.doc