Dear All,
If an employee has not completed 10 years of service and withdrawn his EPF amount after leaving the company, then he receives the withdrawal amount minus the EPS amount. It is mentioned that after 10 years, the pension amount can be withdrawn. Could you please provide me with information on the Employee Pension Scheme and its withdrawal procedure? Additionally, is it possible to withdraw this amount with less than 7 years of service?
Thank you.
From India, Delhi
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If an employee has not completed 10 years of service and withdrawn his EPF amount after leaving the company, then he receives the withdrawal amount minus the EPS amount. It is mentioned that after 10 years, the pension amount can be withdrawn. Could you please provide me with information on the Employee Pension Scheme and its withdrawal procedure? Additionally, is it possible to withdraw this amount with less than 7 years of service?
Thank you.
From India, Delhi
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[QUOTE=Arunima Vidyarthi; 2190924]
Dear All,
If an employee has not completed 10 years of his service and withdrawn his EPF amount after leaving the company, then he gets the withdrawal amount less EPS amount, which is said that after 10 years the pension amount can be withdrawn. Please enlighten me on the Employee Pension Scheme and its withdrawal procedure. Also, can this amount be withdrawn in less than 7 years of service?
Ms. Arunima,
Please do not worry about the length of service of an employee. EPF can be withdrawn by submitting Form 19, and while submitting Form 10C for EPS, a scheme certificate needs to be opted for. It is not advisable to withdraw the EPS and one needs to get laminated certificates from EPFO. On completion of 10 years of service in many private industries, a person is eligible to receive a pension upon crossing 50 years and 58 years. In the recent amendment, as per the government's direction, if a person withdraws before completion of 5 years, the amount will be tax-affected.
Hope this is clear now.
Thank you.
---Arunima Vidyarthi
From India, Hyderabad
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40Dear All,
If an employee has not completed 10 years of his service and withdrawn his EPF amount after leaving the company, then he gets the withdrawal amount less EPS amount, which is said that after 10 years the pension amount can be withdrawn. Please enlighten me on the Employee Pension Scheme and its withdrawal procedure. Also, can this amount be withdrawn in less than 7 years of service?
Ms. Arunima,
Please do not worry about the length of service of an employee. EPF can be withdrawn by submitting Form 19, and while submitting Form 10C for EPS, a scheme certificate needs to be opted for. It is not advisable to withdraw the EPS and one needs to get laminated certificates from EPFO. On completion of 10 years of service in many private industries, a person is eligible to receive a pension upon crossing 50 years and 58 years. In the recent amendment, as per the government's direction, if a person withdraws before completion of 5 years, the amount will be tax-affected.
Hope this is clear now.
Thank you.
---Arunima Vidyarthi
From India, Hyderabad
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EPS - Withdrawal Benefit Calculators_Ann onymous.xls
Employee Pension Scheme, 1995.doc