Hello, I have a query regarding EPF withdrawal w.r.t EPS.
Request you to please correct me if I am wrong and resolve the stated query
1) The employee can withdraw his/her EPS contribution after completion of 6 months of service.
1a) If so how much of the amount he can withdraw considering that EPS is deducted keeping a salary of Rs 6,500 pm with contribution capped at Rs 541.Therefore for a period of min 6 months contribution the total accumulated amount is approx Rs 3250.
2) The employee can opt for pension after completion of 9.5 years of service.
3) If this is so is a gap of even 1 month in contribution acceptable or he will ineligible for pension.
4) In the even the employee contributes to EPF scheme but leaves before completion of 6 months of employment what happens to his EPS. Is it forefited or can he claim it as and when he/she joins a new organisation and opts for EPF.
5) Is there any min period of service for withdrawal of EPF.
Please clarify as I am quite confused on it.
Regards
Anuradha
Request you to please correct me if I am wrong and resolve the stated query
1) The employee can withdraw his/her EPS contribution after completion of 6 months of service.
1a) If so how much of the amount he can withdraw considering that EPS is deducted keeping a salary of Rs 6,500 pm with contribution capped at Rs 541.Therefore for a period of min 6 months contribution the total accumulated amount is approx Rs 3250.
2) The employee can opt for pension after completion of 9.5 years of service.
3) If this is so is a gap of even 1 month in contribution acceptable or he will ineligible for pension.
4) In the even the employee contributes to EPF scheme but leaves before completion of 6 months of employment what happens to his EPS. Is it forefited or can he claim it as and when he/she joins a new organisation and opts for EPF.
5) Is there any min period of service for withdrawal of EPF.
Please clarify as I am quite confused on it.
Regards
Anuradha