Dear HR professionals/experts,
I am responsible for the regional HR in Asia countries and India is one of the countries that falls under my care. I have a question with regard to EPS withdrawal without completion of 10 years of eligible service and hope that you experts would be able to shed some lights on this. For employees who join EPS after 50 years old, since they will never be able to complete 10 years of eligible service for monthly pension entitlement, how do we calculate their pension amount when they reach 58 years of age? Should the calculation be based on Table D and they will receive a lump sum pension payout at the age of 58? Or is there a special provision for these group of people as it is not their intention to not complete the 10 years of eligible service.
I found the below on the EPF india website, but it does not explain further. Hence, I would appreciate if someone here can provide guidance on this matter.
A member joining after 50 years age, if not a pensioner does not have choice of not getting the Pension Contribution on grounds that he will not complete 10 years of eligible service. The social security cover is applicable till he/she is a member.
LInk --> http://epfindia.com <link fixed>
Thank you very much.
From Malaysia, Kuala Lumpur
I am responsible for the regional HR in Asia countries and India is one of the countries that falls under my care. I have a question with regard to EPS withdrawal without completion of 10 years of eligible service and hope that you experts would be able to shed some lights on this. For employees who join EPS after 50 years old, since they will never be able to complete 10 years of eligible service for monthly pension entitlement, how do we calculate their pension amount when they reach 58 years of age? Should the calculation be based on Table D and they will receive a lump sum pension payout at the age of 58? Or is there a special provision for these group of people as it is not their intention to not complete the 10 years of eligible service.
I found the below on the EPF india website, but it does not explain further. Hence, I would appreciate if someone here can provide guidance on this matter.
A member joining after 50 years age, if not a pensioner does not have choice of not getting the Pension Contribution on grounds that he will not complete 10 years of eligible service. The social security cover is applicable till he/she is a member.
LInk --> http://epfindia.com <link fixed>
Thank you very much.
From Malaysia, Kuala Lumpur
Dear Mr. Flochoe,
For those have a service of below 10 years in EPF are not eligible to get pension. They will get one time withdrawal benefit. Calculation is Factor as per Table D x Average salary of last twelve months, subject to a salary ceiling of Rs. 6500.
Abbas.P.S
From India, Bangalore
517For those have a service of below 10 years in EPF are not eligible to get pension. They will get one time withdrawal benefit. Calculation is Factor as per Table D x Average salary of last twelve months, subject to a salary ceiling of Rs. 6500.
Abbas.P.S
From India, Bangalore
Hi,
Minimum 10 years required to get eligibility.
if employee joined in the age 50 then he required to contribute 10 years till age of 58, but in your condition only 8 years contribution will be count so not considering for the pension benefit.
employe was employed before any organization and till his age of 50, he not withdrawal the EPS amount then he is eligible, if he is joining the EPS as fresher then 10 years eligibility required.
If he will contribute for 8 years then he may withdrawal that amount as prescribed in Schedule.
To avail pension benefit, the member
- should have completed 10 years of continuous service or
- he / she should have attained the age of 50 years or more.
- he / she doesn’t receive any other EPF pension
The member will receive the Pension amount on a monthly basis after attaining the age of 58.
If the employee does not fall in the above criteria, he can apply for withdrawal of Pension monies.
From India, Mumbai
Minimum 10 years required to get eligibility.
if employee joined in the age 50 then he required to contribute 10 years till age of 58, but in your condition only 8 years contribution will be count so not considering for the pension benefit.
employe was employed before any organization and till his age of 50, he not withdrawal the EPS amount then he is eligible, if he is joining the EPS as fresher then 10 years eligibility required.
If he will contribute for 8 years then he may withdrawal that amount as prescribed in Schedule.
To avail pension benefit, the member
- should have completed 10 years of continuous service or
- he / she should have attained the age of 50 years or more.
- he / she doesn’t receive any other EPF pension
The member will receive the Pension amount on a monthly basis after attaining the age of 58.
If the employee does not fall in the above criteria, he can apply for withdrawal of Pension monies.
From India, Mumbai
Hi,
Greetings.
To get the benefits of eps, Member's service period must require 10 yrs or more,if less than 10years, than the member can withdraw pf & eps both amount with interest after leaving the job, but age factor is not require there, but age factor is given benefits to him where, if the member will expired, than his family will get the pension as per eps rule & act.
Nilesh Bhatt
m- 98244 94201
From India, Vadodara
Greetings.
To get the benefits of eps, Member's service period must require 10 yrs or more,if less than 10years, than the member can withdraw pf & eps both amount with interest after leaving the job, but age factor is not require there, but age factor is given benefits to him where, if the member will expired, than his family will get the pension as per eps rule & act.
Nilesh Bhatt
m- 98244 94201
From India, Vadodara
Dear Mr. Flochoe,
Greetings for the day,
As per your question the eligibility to get EPS benefit , 10years service is required if not following the same eligibility the complete accumulation can be withdrawn vide form 10c as stated earlier . In your case the only possibility to get EPS benefit , if the employee has any EPF/EPS accumulation which was not withdrawn can be merged with the present service vide form 13.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Greetings for the day,
As per your question the eligibility to get EPS benefit , 10years service is required if not following the same eligibility the complete accumulation can be withdrawn vide form 10c as stated earlier . In your case the only possibility to get EPS benefit , if the employee has any EPF/EPS accumulation which was not withdrawn can be merged with the present service vide form 13.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
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Clarification On Additional Two Years Pensionable Service Weightage To Members Of EPS.pdf