HI,
I leave previous company with 3.5 yrs exp and now join new company. I have withdraw my PF and now receive Form of EPS. In EPS form two option 1.Withdraw 2.Scheme certificate.
so, i have following queries.
1) Is PF and EPS are linked?
i.e. as i withdrawal of my PF, so am i liable for applying scheme certificate of EPS? (Or i need to only withdraw of EPS)
2) If i apply for Scheme certificate, do i need to submit scheme certificate to new firm. .
3) Is this valid to submit scheme certificate to new firm , as i withdraw of my PF.
4) what are the advantages/disadvantage of withdrawal of EPS/applying of scheme certificate?
Please provide me guideline for above queries.
From India, Mumbai
I leave previous company with 3.5 yrs exp and now join new company. I have withdraw my PF and now receive Form of EPS. In EPS form two option 1.Withdraw 2.Scheme certificate.
so, i have following queries.
1) Is PF and EPS are linked?
i.e. as i withdrawal of my PF, so am i liable for applying scheme certificate of EPS? (Or i need to only withdraw of EPS)
2) If i apply for Scheme certificate, do i need to submit scheme certificate to new firm. .
3) Is this valid to submit scheme certificate to new firm , as i withdraw of my PF.
4) what are the advantages/disadvantage of withdrawal of EPS/applying of scheme certificate?
Please provide me guideline for above queries.
From India, Mumbai
Hi Amar,
Greetings for the day,
1) Yes EPF & EPS are linked ,EPF is consist of 12%+3.67% & EPS is 8.33%. The rate of interest should be provided on 12%+3.67% & on 8.33% 1.16% of of the montly wages when EPS salary is less than Rs. 6500/- is provided by the EPFO. Withdrawal benefit of EPS is not admissible if the membership is less than 180 days excluding non contributory period of service .
2)For the issuance of scheme certificate the contibution towards eps or have to render 10 years of service.
3)In your case scheme certificate is not required better to withdraw the whole accumulation or transfer the same to new EPF/EPS account.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Contributing Member
252Greetings for the day,
1) Yes EPF & EPS are linked ,EPF is consist of 12%+3.67% & EPS is 8.33%. The rate of interest should be provided on 12%+3.67% & on 8.33% 1.16% of of the montly wages when EPS salary is less than Rs. 6500/- is provided by the EPFO. Withdrawal benefit of EPS is not admissible if the membership is less than 180 days excluding non contributory period of service .
2)For the issuance of scheme certificate the contibution towards eps or have to render 10 years of service.
3)In your case scheme certificate is not required better to withdraw the whole accumulation or transfer the same to new EPF/EPS account.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Contributing Member
Dear Amar,
Greetings for the day,
Withdraw PF & tranferring EPS to new A/C is only possible when scheme certificate will be issued to you by EPFO. Scheme certificate will only be issued after the contibution towards eps or have to render 10 years of service.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Contributing Member
Greetings for the day,
Withdraw PF & tranferring EPS to new A/C is only possible when scheme certificate will be issued to you by EPFO. Scheme certificate will only be issued after the contibution towards eps or have to render 10 years of service.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Contributing Member
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
EPS Scheme 1995.pdf