Dear Seniors,
Greetings!!
I've certain queries related to EPF and EPS. I'm stating them below. Would be great help if you revert asap.
1. An employee works for more than 10yrs in an organisation and after that joins another organisation. Employee's age is less than 58yrs. He withdraws his entire PF amount but cannot withdraw Pension. In the other organisation, the employer opens a new epf account for him. So what about his Pension Scheme as upon completion of 10yrs, an employee becomes eligible for pension at the age of 58yrs? There is also a question in Form 11 (Revised): Were you a member of Employee Pension Scheme, 1995? So, it should be Yes or No.
Please revert asap.
Thanks in advance.
Best Regards,
Insiya.
From India, Mumbai
Greetings!!
I've certain queries related to EPF and EPS. I'm stating them below. Would be great help if you revert asap.
1. An employee works for more than 10yrs in an organisation and after that joins another organisation. Employee's age is less than 58yrs. He withdraws his entire PF amount but cannot withdraw Pension. In the other organisation, the employer opens a new epf account for him. So what about his Pension Scheme as upon completion of 10yrs, an employee becomes eligible for pension at the age of 58yrs? There is also a question in Form 11 (Revised): Were you a member of Employee Pension Scheme, 1995? So, it should be Yes or No.
Please revert asap.
Thanks in advance.
Best Regards,
Insiya.
From India, Mumbai
Dear Mr.Kanchwala,
The settlement of Employees Pension scheme, 1995 will be done in following manner.
1. IIf the service is less than 5 years, the claim will be settled by entire amount at the credit of the employee by filling Form 10 C.
2. If the service is more than 5 years, the settlement will be done by Issuing a scheme certificate to the employee For this the employee should submit Form 10D. This certificate to be submitted to the PF, wherever he takes a new job and where PF scheme is applicable. In such case, the scheme certificate will get cancelled and your service will be accumulated for payment of pension after attaining the age of 58 years. This he has to continue till attaining the age of 58 years. But to get the benefit of Pension, member should complete minimum requirement of 10 years service. After attaining the age of 58 years, again to submit claim form so that the benefit of pension shall be continued till the death of the member subject to the length of the service of the member and wages at the time of joining and at the time of supperannuation. These two factors are considered to arrive the pension amount. Now the minimum pension is Rs,10,000/- per month which is amended in last year by the EPFO in consultation with finance department. . There are option of payment of pension that has to be taken care while submitting the claim form. After death of the member his/her nominee will get the benefit of pension as fixed at the time of claim settlement. There is option also to claim the Return of Capital
So thats why I am always insisting on the members not to with draw the PF amount and try to continue to get the more benefit after retirement.
Your query as regards to Form No.11, If you have a Scheme Certificate issued by the EPFO, in such case you mention yes, if you have taken full settlement then mention No.
I hope matter is stands cleared to you.
Adoni Suguresh
Labour Laws Consultant . .
From India, Bidar
150The settlement of Employees Pension scheme, 1995 will be done in following manner.
1. IIf the service is less than 5 years, the claim will be settled by entire amount at the credit of the employee by filling Form 10 C.
2. If the service is more than 5 years, the settlement will be done by Issuing a scheme certificate to the employee For this the employee should submit Form 10D. This certificate to be submitted to the PF, wherever he takes a new job and where PF scheme is applicable. In such case, the scheme certificate will get cancelled and your service will be accumulated for payment of pension after attaining the age of 58 years. This he has to continue till attaining the age of 58 years. But to get the benefit of Pension, member should complete minimum requirement of 10 years service. After attaining the age of 58 years, again to submit claim form so that the benefit of pension shall be continued till the death of the member subject to the length of the service of the member and wages at the time of joining and at the time of supperannuation. These two factors are considered to arrive the pension amount. Now the minimum pension is Rs,10,000/- per month which is amended in last year by the EPFO in consultation with finance department. . There are option of payment of pension that has to be taken care while submitting the claim form. After death of the member his/her nominee will get the benefit of pension as fixed at the time of claim settlement. There is option also to claim the Return of Capital
So thats why I am always insisting on the members not to with draw the PF amount and try to continue to get the more benefit after retirement.
Your query as regards to Form No.11, If you have a Scheme Certificate issued by the EPFO, in such case you mention yes, if you have taken full settlement then mention No.
I hope matter is stands cleared to you.
Adoni Suguresh
Labour Laws Consultant . .
From India, Bidar
I am sorry that by oversight it was mentioned as Rs.10,000/- instead of Rs.1,000/- which is typographical error. Please read it as Rs.1,000/- per month.
I repeat sorry for the inconvenience.
Adoni Suguresh
From India, Bidar
I repeat sorry for the inconvenience.
Adoni Suguresh
From India, Bidar
Thank you so much Mr. Adoni for your revert. Could you please revert on the below mentioned queries also:
1) Is it that members who have completed less than 5 yrs of service are not eligible to apply for scheme certificate? 2) Secondly, if an employee who has completed more than 10yrs of service does not apply for scheme certificate at the time of leaving the organisation and then joins the other organisation, can he apply for scheme certificate later on? Within how much time can he apply for scheme certificate?
3) If an employee does not take scheme certificate, what happens? Any consequences?
4) As per my knowledge, for Scheme Certificate, form 10-C has to be submitted and Form 10-D is for Monthly Pension (Reduced Pension)?
Waiting for your revert.
Regards,
Insiya
From India, Mumbai
1) Is it that members who have completed less than 5 yrs of service are not eligible to apply for scheme certificate? 2) Secondly, if an employee who has completed more than 10yrs of service does not apply for scheme certificate at the time of leaving the organisation and then joins the other organisation, can he apply for scheme certificate later on? Within how much time can he apply for scheme certificate?
3) If an employee does not take scheme certificate, what happens? Any consequences?
4) As per my knowledge, for Scheme Certificate, form 10-C has to be submitted and Form 10-D is for Monthly Pension (Reduced Pension)?
Waiting for your revert.
Regards,
Insiya
From India, Mumbai
Thank you so much Mr. Adoni for your revert. Could you please revert on the below mentioned queries also:
1) Is it that members who have completed 5 yrs or less than 5 yrs of service are not eligible to apply for scheme certificate? 2) Secondly, if an employee who has completed more than 10yrs of service does not apply for scheme certificate at the time of leaving the organisation and then joins the other organisation, can he apply for scheme certificate later on? Within how much time can he apply for scheme certificate?
3) If an employee does not take scheme certificate, what happens? Any consequences?
4) As per my knowledge, for Scheme Certificate, form 10-C has to be submitted and Form 10-D is for Monthly Pension (Reduced Pension) but you have mentioned Form 10-D to apply for Scheme Certificate if service is more than 5 yrs. Please clarify.
Waiting for your revert.
Regards,
Insiya
From India, Mumbai
1) Is it that members who have completed 5 yrs or less than 5 yrs of service are not eligible to apply for scheme certificate? 2) Secondly, if an employee who has completed more than 10yrs of service does not apply for scheme certificate at the time of leaving the organisation and then joins the other organisation, can he apply for scheme certificate later on? Within how much time can he apply for scheme certificate?
3) If an employee does not take scheme certificate, what happens? Any consequences?
4) As per my knowledge, for Scheme Certificate, form 10-C has to be submitted and Form 10-D is for Monthly Pension (Reduced Pension) but you have mentioned Form 10-D to apply for Scheme Certificate if service is more than 5 yrs. Please clarify.
Waiting for your revert.
Regards,
Insiya
From India, Mumbai
Dear Mr.Kanchwala,
I gone through your query. Following are my opinons.
1. Members who are not completed 5 years of services, are not eligible for any scheme certificate under the scheme. but their claim will be settled by paying whatever amount is at the credit.
2. Members who have completed more than 5 yeas they will be provided scheme certificate in lieu of settlement of claim. There is no option is here but to accept the scheme certificate
3/ I have mentioned the 10 years of service to get the benefit of the Employees Pension Scheme, 1995, because this has been introduced in 1995 by superseding the Employees Family Scheme, 1971 who are the members before 1995 this will be applicable. Those who are become the member are covered un der EPS 1995.
4. In case, if you are, not applied for claim in Form 10D, in such case, no question of Scheme Certiicate. wherever you join, you get it transfered automatically your services will be counted for continuation of membership.
5. Scheme certificate will issued by EPFO against your claim otherwise NO. If you are geting transfer of your account to a new organization where this scheme is applicable, need not apply or wait for scheme certific ate.
6. What I have mentioned in my earlier post is correct. Form 10C is for those who are less than 5 years of service where in the claimant will get his amount. Form 10D is for those who are more than 5 years and desire to claim, in such case the scheme certificate will be issued in lieu of settlement.
I think you are cleared your doubts.
Adoni Suguresh
Labour Laws Consultant
From India, Bidar
I gone through your query. Following are my opinons.
1. Members who are not completed 5 years of services, are not eligible for any scheme certificate under the scheme. but their claim will be settled by paying whatever amount is at the credit.
2. Members who have completed more than 5 yeas they will be provided scheme certificate in lieu of settlement of claim. There is no option is here but to accept the scheme certificate
3/ I have mentioned the 10 years of service to get the benefit of the Employees Pension Scheme, 1995, because this has been introduced in 1995 by superseding the Employees Family Scheme, 1971 who are the members before 1995 this will be applicable. Those who are become the member are covered un der EPS 1995.
4. In case, if you are, not applied for claim in Form 10D, in such case, no question of Scheme Certiicate. wherever you join, you get it transfered automatically your services will be counted for continuation of membership.
5. Scheme certificate will issued by EPFO against your claim otherwise NO. If you are geting transfer of your account to a new organization where this scheme is applicable, need not apply or wait for scheme certific ate.
6. What I have mentioned in my earlier post is correct. Form 10C is for those who are less than 5 years of service where in the claimant will get his amount. Form 10D is for those who are more than 5 years and desire to claim, in such case the scheme certificate will be issued in lieu of settlement.
I think you are cleared your doubts.
Adoni Suguresh
Labour Laws Consultant
From India, Bidar
Thank You So Much Mr. Adoni.
Could you please tell me that if they have withdrawn their pf accumulations and not pension as it has to be transferred, then for new pf account, Nomination Form-2 (Revised) has to be filled? Do they need to fill both Part-A (EPF) and Part- (EPS) (Para 18)?
Regards,
Insiya
From India, Mumbai
Could you please tell me that if they have withdrawn their pf accumulations and not pension as it has to be transferred, then for new pf account, Nomination Form-2 (Revised) has to be filled? Do they need to fill both Part-A (EPF) and Part- (EPS) (Para 18)?
Regards,
Insiya
From India, Mumbai
Dear Mr. Adoni,
Also, can you please tell me where is it mentioned about 5 yrs of service and form 10-D for Scheme Certificate as I've gone through the possible sources but couldn't find anywhere. With regards to my query, in Form 10-C it is mentioned that a member having less than 10 yrs of experience is eligible for withdrawal benefit and more than 10yrs can apply for Scheme Certificate. Also, there is a question in Form 10-C: "Would you like to avail scheme certificate in lieu of withdrawal benefits?"
I've also attached Form 10-C. Please Find The Attached Files.
Waiting For Your Revert.
Regards,
Insiya
From India, Mumbai
Also, can you please tell me where is it mentioned about 5 yrs of service and form 10-D for Scheme Certificate as I've gone through the possible sources but couldn't find anywhere. With regards to my query, in Form 10-C it is mentioned that a member having less than 10 yrs of experience is eligible for withdrawal benefit and more than 10yrs can apply for Scheme Certificate. Also, there is a question in Form 10-C: "Would you like to avail scheme certificate in lieu of withdrawal benefits?"
I've also attached Form 10-C. Please Find The Attached Files.
Waiting For Your Revert.
Regards,
Insiya
From India, Mumbai
Dear Mr. Adoni,
Also, can you please tell me where is it mentioned about 5 yrs of service and form 10-D for Scheme Certificate as I've gone through the possible sources but couldn't find anywhere. With regards to my query, in Form 10-C it is mentioned that a member having less than 10 yrs of experience is eligible for withdrawal benefit and more than 10yrs can apply for Scheme Certificate. Also, there is a question in Form 10-C: "Would you like to avail scheme certificate in lieu of withdrawal benefits?"
I've also attached Forms 10-C & 10-D. Please Find The Attached Files.
Waiting For Your Revert.
Regards,
Insiya
From India, Mumbai
Also, can you please tell me where is it mentioned about 5 yrs of service and form 10-D for Scheme Certificate as I've gone through the possible sources but couldn't find anywhere. With regards to my query, in Form 10-C it is mentioned that a member having less than 10 yrs of experience is eligible for withdrawal benefit and more than 10yrs can apply for Scheme Certificate. Also, there is a question in Form 10-C: "Would you like to avail scheme certificate in lieu of withdrawal benefits?"
I've also attached Forms 10-C & 10-D. Please Find The Attached Files.
Waiting For Your Revert.
Regards,
Insiya
From India, Mumbai
Dear Insiya,
1) Form 10C is used for Scheme Certificate, form 10D is exclusively for pension claim.
2) If you have not completed an age of 58 years, you are eligible to get Scheme Certificate; irrespective of length of service. Whether the service is below 5 years or above 10 years, it doesn't matter.
Abbas.P.S
From India, Bangalore
1) Form 10C is used for Scheme Certificate, form 10D is exclusively for pension claim.
2) If you have not completed an age of 58 years, you are eligible to get Scheme Certificate; irrespective of length of service. Whether the service is below 5 years or above 10 years, it doesn't matter.
Abbas.P.S
From India, Bangalore
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