No Tags Found!

I applied for EPS withdrawal and the amount settled was only 45K but my actual EPS balance on the passbook login is 68K. Total service 4.7 yrs, last drawn basic salary 18K. As per Table D, it should be 18000x5.02 = 93600. Why did they withhold 23K? How is it calculated?
My pan card is linked and verified, I have submitted form 15G as well.

From India, Bengaluru
Bhartiya Akhil
Hr Executive
Team Leader
Management Consultancy
Srinath Sai Ram
Hr Manager

As per my knowledge you may calculated wrongly, because they did not hold amount from EPS account and PAN and 15 G is not required to settle the EPS amount, check once again
From India, Hyderabad
What is the right calculation then? I have 68K in EPS fund as per EPFO passbook. They settled only 45K. What’s the basis of this calculation?
From India, Bengaluru

Hi Viswajith,
For PF and EPS withdrawal I agree Svlrkhr3. I have also not heard of any such calculation for EPS, when it is withdrawn along with PF.
It may be better to either check with the RPFC directly or with the PF exit settlement team from your company on the calculations.

From India, Bengaluru
The first time I raised a grievance regarding this, they asked me to resubmit form 10C. I did but they rejected it asking why it was resubmitted. When I raised a second grievance, they gave some unrelated response and closed it without a resolution. I have written to the email address of the concerned PF office one week ago and awaiting response.
From India, Bengaluru
Meanwhile, I am surprised that none of the members here are able to explain the basis on which EPS Settlement is calculated before completion of 10 years of service. This seems to be a grey area.
From India, Bengaluru
Srinath Sai Ram

Dear Viswajith, Maximum Contribution to EPS is Rs15,000/- (EPS Wages) @ 8.33%-Rs1,250/- last drawn basic salary 18K-It has no relevance to withdrawal.Check your EPS Wages from EPF Pass Book
From India, New Delhi
I have around 68K EPS amount in my passbook. Why did they settle only 45K? How is it calculated? That’s my question?
From India, Bengaluru
Bhartiya Akhil

Dear Viswajithcv,
Withdrawal of pension, nothing to do with balance in the account or the amount accrued in the account. In Pension, last salary and pension years these are the two things relevant.
There is no statement of balance or accrued amount in Pension. How you are saying your pension balance is shown as 68K? I am surprised. May be it has started recently.
While withdrawing from Pension your last salary is multiplied by the factor in Corresponding Table D.
Your last salary is Rs.15000 (and not Rs.18000). Pension is contributed on maximum Rs. 15000. You worked for 4.7 years means 5 years.
Your Pension calculation would be
15000 x 5.02 = 75,300
Withdrawal from the EPS account is taxable.
You need to make a complaint / correspondence with EPFO.

From India, Mumbai
The EPFO passbook portal shows detailed break-up of EPF & EPS balance. Even if the basic salary is considered as 15K, the settled amount doesn't match.
I had raised a grievance against which I was asked to resubmit form 10C. Accordingly, I had resubmitted form 10C but this claim was rejected asking explanation for resubmission.
I raised another grievance which was closed without a satisfactory explanation or resolution.
I have written to the concerned PF office. Still awaiting their response.

From India, Bengaluru
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.

Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2023 CiteHR

All Copyright And Trademarks in Posts Held By Respective Owners.