In certain organizations, when the service is likely to be less than 10 years, they don't contribute to EPS, but the whole 12% of the employer's contribution is remitted towards EPF instead of 3.67% to EPS.
In such cases, if an employee retires before completing 10 years of service, is he/she eligible for withdrawal benefits from EPS, even after receiving 12% + 12% of EPF?
From India, Bangalore
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In such cases, if an employee retires before completing 10 years of service, is he/she eligible for withdrawal benefits from EPS, even after receiving 12% + 12% of EPF?
From India, Bangalore
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As per the PF Act, if an employee's service is below 10 years, he/she is eligible to withdraw EPS and EPF. Therefore, he/she can withdraw the Employee Contribution of 12% + Employer Contribution of 12% along with the interest rate. However, if the employee's service is 10 years or more, then the employee can only withdraw the Employee Contribution of 12% + Employer Contribution of 3.67%. The remaining 8.33% goes towards the pension scheme (scheme certificate).
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From India, Coimbatore
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4Regards,
From India, Coimbatore
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Those who join EPF before completing the age of 58 years have to contribute to EPS. Whether the service is below 10 years or above 10 years is immaterial regarding contribution. However, if a member has a service of 10 years or more in EPS, a pension can be availed. Otherwise, a one-time withdrawal benefit is the only option.
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Abbas.P.S
From India, Bangalore
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Regards,
Abbas.P.S
From India, Bangalore
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PF Withdrawal and Contribution Eligibility
I have one doubt regarding PF. Suppose I resigned from one organization and joined another organization. Shall I withdraw my PF contributions of 12% + 3.67% (excluding 8.33%)?
In the new organization, if my basic salary is more than Rs. 15,000 (Fifteen thousand only), am I still eligible for PF contributions even though it exceeds Rs. 15,000? Can I transfer only my pension amount contributions to my new account?
Is there any Act amended to increase the number of employees, which is applicable to the organization/firm?
Regards,
K. Veer Bhadrayya
Pers & Admn
From India, Hyderabad
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I have one doubt regarding PF. Suppose I resigned from one organization and joined another organization. Shall I withdraw my PF contributions of 12% + 3.67% (excluding 8.33%)?
In the new organization, if my basic salary is more than Rs. 15,000 (Fifteen thousand only), am I still eligible for PF contributions even though it exceeds Rs. 15,000? Can I transfer only my pension amount contributions to my new account?
Is there any Act amended to increase the number of employees, which is applicable to the organization/firm?
Regards,
K. Veer Bhadrayya
Pers & Admn
From India, Hyderabad
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