Hello, Can anybody provide me a calculator or basis of creating a calculator for understanding how much amount an employee can get in his EPF if he/she resigns from a company and opts to withdraw that amount.
For eg if a person makes contribution of 12% to his EPF a/c and the same is made by the company ,but the company contribution is more towards EPS and a small part to EPF. Hence when an employee opts to leave a company and withdraw the amount he/she believes to have contributed then he/she finds that amount far less than the contribution he/she has made.
So in continuation of my question I seek the following answers
a) Can the pension amount be fully withdrawn before the age of 58 or 55 (55 being the age of stopping of contribution to EPS).
b) If (a) is true then what is the age or minimum years of service for the same and has it to be with the same company / continuous employment .
c) If pension amount cannot be withdrawn and a person opts out of EPF then what happens to this pension amount that was deducted. Is there a way to claim it or it is forfeited.
d) I also understand that all EPF withdrawals are taxable as salary hence if pt (a) is true then is EPS withdrawal also taxable.
These questions are becoming very relevant today in the age of COVID and pay cuts.
Please share your valuable insights into the same or kindly redirect me to such posts in Citehr where such queries have already been answered.
From India, Mumbai
5For eg if a person makes contribution of 12% to his EPF a/c and the same is made by the company ,but the company contribution is more towards EPS and a small part to EPF. Hence when an employee opts to leave a company and withdraw the amount he/she believes to have contributed then he/she finds that amount far less than the contribution he/she has made.
So in continuation of my question I seek the following answers
a) Can the pension amount be fully withdrawn before the age of 58 or 55 (55 being the age of stopping of contribution to EPS).
b) If (a) is true then what is the age or minimum years of service for the same and has it to be with the same company / continuous employment .
c) If pension amount cannot be withdrawn and a person opts out of EPF then what happens to this pension amount that was deducted. Is there a way to claim it or it is forfeited.
d) I also understand that all EPF withdrawals are taxable as salary hence if pt (a) is true then is EPS withdrawal also taxable.
These questions are becoming very relevant today in the age of COVID and pay cuts.
Please share your valuable insights into the same or kindly redirect me to such posts in Citehr where such queries have already been answered.
From India, Mumbai
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Early PF withdrawal won’t be easy.pdf
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PF Amount Balance Check.xls