Dear Seniors,
Most employees raise questions to HR, and some HRs also confuse people like me. Now, after 3 months or 1 year but before 10 years of service and contributions in the EPS Scheme, can an employee withdraw their 100% fund (EPF+EPS)? Please suggest.
Regards, Neeraj Kumar
From India, Mohali
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Most employees raise questions to HR, and some HRs also confuse people like me. Now, after 3 months or 1 year but before 10 years of service and contributions in the EPS Scheme, can an employee withdraw their 100% fund (EPF+EPS)? Please suggest.
Regards, Neeraj Kumar
From India, Mohali
Acknowledge(0)Amend(0)
PF Accumulation and Withdrawal Rules
PF accumulation, which represents the employee's contribution and a portion of the employer's share (i.e., 3.67%), can be withdrawn in full without any membership time period. However, the Pension Fund contribution made by the employer cannot be withdrawn by an employee before completing 6 months of contributions. Similarly, a member cannot withdraw the pension fund if they have contributed for more than 9 years and six months. Nine years and six months would be rounded off to ten years, and then they will qualify for a pension. Once a member qualifies for a pension, they cannot withdraw it through accumulation. They can draw a monthly pension upon attaining 58 years of age.
Therefore, 6 months to less than 9 years and six months is the membership period during which the pension contribution can be withdrawn by a member. It is important to note that for the membership period, the total contribution period with any previous employment will also be considered.
From India, Kannur
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4555PF accumulation, which represents the employee's contribution and a portion of the employer's share (i.e., 3.67%), can be withdrawn in full without any membership time period. However, the Pension Fund contribution made by the employer cannot be withdrawn by an employee before completing 6 months of contributions. Similarly, a member cannot withdraw the pension fund if they have contributed for more than 9 years and six months. Nine years and six months would be rounded off to ten years, and then they will qualify for a pension. Once a member qualifies for a pension, they cannot withdraw it through accumulation. They can draw a monthly pension upon attaining 58 years of age.
Therefore, 6 months to less than 9 years and six months is the membership period during which the pension contribution can be withdrawn by a member. It is important to note that for the membership period, the total contribution period with any previous employment will also be considered.
From India, Kannur
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Calcu. pf Emp.eps.epf sample sheet for HR site..xls
EPF,EPS,EDLI.pp t