Adoni Suguresh
Sr.executive (per & Adm)
Senior Hr -executive
Hr Manager
+1 Other

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Dear All,
I have a doubt regarding EPS withdraw. Please help me out with your valuable suggestions.
I am working as a HR Executive. One of our employee having basic salary of Rs. 30000/- PM. He is contributing EPF & EPS on higher wages. So his monthly deductions is 30000*12/100=3600.(EPF: Rs. 1101 & EPS: Rs. 2499).
Few days back he was resigned and given forms to withdraw his PF amount. He got short amount than he expected. He went to PF office and ask the same and they replied as you have contribute higher than wages so we will consider your EPS contribution of Rs. 541/-. and the rest of the amount will not pay.
Is it correct??? Please suggest me...

From India, Hyderabad
Dear Sunil,
In your calculation EPS amount wrongly calculated. That could be maximum Rs. 541/- per month. Differential amount will go in Account No. 01.
Differential amount will accumulate in Account 01 and can be withdrawal by filling Form No-19, Against Form-10C, he would receive only 541/- per month basis.

From India, New Delhi
Dear Jitender Thanks for your valuable reply. As you said only Rs. 541/- will go to EPS account and rest of the amount i.e.Rs. 1958/- can accumulate in EPF account i.e. A/c No: 01. Is it Right???
From India, Hyderabad
Dear Sunil I think Your Employers Restricted Salary 6500 For Employer Contribution .. EPS 6500*8.33%=541 and EPF 6500*3.67=239. So A/C 1 Contribution 541. In my point of View It may They Did
From India, Chennai
Dear Mr.Suni,

The Pensionable salary under Employees Pension Scheme, 1995 was restricted to Rs.6500 per monthly. The contribution towards pension scheme from the employers contribution ie Rs.541 is being credited under employees account in Ac.No.10 and balance amount of employers contribution will go under employees provident fund account. The is the principle practice and law as prescribed under the scheme. This will be applicable to all whoever draws the salary more than Rs.6500 is being restricted as if his salary is Rs.6500 as a pensionable salary. Since this ceiling is increased to Rs.15000 and the formula shall remain the same. ie 8.33 % on pensionable salary and remaining under PF account.

As regards with drawl from this pension scheme. A member is permitted to with draw his pension scheme by submitting Form 10 C subject to contribution towards EPS is less than 10 years. In such case the member will get full amount with interest. If this period exceeds member should apply for with draw by applying in Form 10 D. . In such case member will get a Pension Certificate in lieu of EPS amount and member should wait till attaining the age of 58 years or else in the meantime if he joined the service where PF scheme applicable, then he should surrender the Pension certificate so that his past pensionable service should continue till he attaining the age of 58 years. After he will get pension every month under the scheme..

I hope that you have followed this. Any doubt free feel to write in this thread as contributing members will give their opinion

Adoni Suguresh

Sr.Executive (Pers, Admin & Ind.Rels) Rtd

Labour Laws Consultant .

From India, Bidar
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