Dear Seniors, One of my employees has completed his 10 years on 31.01.2020 in our company. Now he has resigned and under notice period. He is in need of money.
Can any let me know whether he can apply now for EPS and take the full or partial amount from his EPS account? Or should he wait till he's 58 years of age?
From India, Chennai
If a PF contributor has completed 10 years of services (membership with PF) he is eligible to receive pension from EPS. But if he apply for pension before attaining 58 years of age, he is entitled to receive only reduced pension. So, he may advised to obtain a Scheme certificate from EPFO and keep with him and after he attains 58 years of age, the Scheme certificate can be surrendered to EPFO for his PPO (Pension Payment Order).
From India, Aizawl
If you are knowledgeable about any fact, resource or experience related to this topic - please add your views using the reply box below. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone.