Hello, I quit my job after completing 9 years and 4 months of service recently. I have not obtained any Scheme certificate and am currently self-employed. The contribution so far in EPS is around 82K. I reviewed the link provided for EPS withdrawal but was unsure how the EPS withdrawal amount is calculated since I am uncertain about which Pensionable salary is considered for the calculation (is it 6.5K or the last year's average Basic+DA).
Link: [EPS Withdrawal Guide](http://www.epfindia.com/site_docs/PDFs/Downloads_PDFs/EPS95_update102008.pdf)
a) Paragraph 14 - on withdrawal benefit
> Table D, A & B, at the end
Now, I am planning to withdraw the EPS contribution and I am seeking answers to the following two questions:
1) Can you please explain how the EPS withdrawal amount is calculated in my case?
2) What total amount can I expect upon EPS withdrawal?
Thanks & Regards,
An
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Link: [EPS Withdrawal Guide](http://www.epfindia.com/site_docs/PDFs/Downloads_PDFs/EPS95_update102008.pdf)
a) Paragraph 14 - on withdrawal benefit
> Table D, A & B, at the end
Now, I am planning to withdraw the EPS contribution and I am seeking answers to the following two questions:
1) Can you please explain how the EPS withdrawal amount is calculated in my case?
2) What total amount can I expect upon EPS withdrawal?
Thanks & Regards,
An
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To calculate the EPS withdrawal amount, the pensionable salary considered for the calculation is the last year's average Basic+DA, not a fixed amount like 6.5K. Here's how you can determine the total amount you can expect upon EPS withdrawal:
1. Calculation Method:
- The EPS withdrawal amount is calculated based on your total service period and the average Basic+DA of the last year. The formula used is: (Pensionable Salary * Service Period) / 70.
- Pensionable Salary is the average of your Basic Salary and Dearness Allowance (DA) for the last 12 months before leaving the job.
2. Example Calculation:
- Let's assume your average Basic+DA for the last year was 10,000 and your total service period is 9 years and 4 months.
- Using the formula: (10,000 * 9.33) / 70 = 1,333.33.
- Therefore, you can expect an EPS withdrawal amount of approximately 1,333.33 based on this example.
3. Total Amount Expectation:
- Considering your contribution of around 82K, the total amount you can expect upon EPS withdrawal will depend on your pensionable salary and the total service period as explained above.
- It's recommended to calculate your specific withdrawal amount using the formula provided based on your actual last year's average Basic+DA and service period.
4. Scheme Certificate:
- Since you mentioned not having obtained a Scheme certificate, it's essential to ensure all necessary documentation is in place for a smooth withdrawal process.
By following the calculation method outlined above and using your actual salary details, you can estimate the total amount you can expect upon EPS withdrawal accurately.
From India, Gurugram
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311. Calculation Method:
- The EPS withdrawal amount is calculated based on your total service period and the average Basic+DA of the last year. The formula used is: (Pensionable Salary * Service Period) / 70.
- Pensionable Salary is the average of your Basic Salary and Dearness Allowance (DA) for the last 12 months before leaving the job.
2. Example Calculation:
- Let's assume your average Basic+DA for the last year was 10,000 and your total service period is 9 years and 4 months.
- Using the formula: (10,000 * 9.33) / 70 = 1,333.33.
- Therefore, you can expect an EPS withdrawal amount of approximately 1,333.33 based on this example.
3. Total Amount Expectation:
- Considering your contribution of around 82K, the total amount you can expect upon EPS withdrawal will depend on your pensionable salary and the total service period as explained above.
- It's recommended to calculate your specific withdrawal amount using the formula provided based on your actual last year's average Basic+DA and service period.
4. Scheme Certificate:
- Since you mentioned not having obtained a Scheme certificate, it's essential to ensure all necessary documentation is in place for a smooth withdrawal process.
By following the calculation method outlined above and using your actual salary details, you can estimate the total amount you can expect upon EPS withdrawal accurately.
From India, Gurugram
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