I worked with my previous company for more than 9.5 years. After leaving the previous employer, I fully cooperated in obtaining EPF benefits and an EPS certificate. I am only 29 years old, and it was explained to me that I can't avail the monetary benefit of EPS right now. It will continue to accumulate, and I can avail it only after reaching 58 years of age, as I was continuously employed with the previous company for around 10 years. Therefore, only EPF was credited to my bank account, not EPS.
Understanding EPS Benefits
Now, I want to understand how to avail the monetary benefit of the EPS certificate immediately. If I choose not to do so, what additional benefits would I receive through that EPS certificate after completing 58 years? Also, how can I continue the same EPS account with a new employer?
From India, Trivandrum
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1Understanding EPS Benefits
Now, I want to understand how to avail the monetary benefit of the EPS certificate immediately. If I choose not to do so, what additional benefits would I receive through that EPS certificate after completing 58 years? Also, how can I continue the same EPS account with a new employer?
From India, Trivandrum
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At this point in time, you cannot get back the EPS contribution amount. You have the option to either be paid a pension as admissible under this scheme upon attaining the age exceeding 50 years or apply for a scheme certificate issued by the PF Commissioner through your employer. This certificate should indicate the pensionable service, the pensionable salary, and the amount of pension due on the date of exit from employment.
If you are subsequently employed in an establishment covered under this scheme, your earlier service as per the scheme certificate shall be reckoned for pension along with the fresh spell of pensionable service.
In the case of postponing the commencement of payment of the pension, you shall also be entitled to additional relief sanctioned under this scheme from time to time.
Furthermore, if you do not take up employment covered under this scheme but die before attaining the age of 58 years, the amount of contributions received in your case shall be converted into a monthly widow's pension or children's pension.
From India, Delhi
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If you are subsequently employed in an establishment covered under this scheme, your earlier service as per the scheme certificate shall be reckoned for pension along with the fresh spell of pensionable service.
In the case of postponing the commencement of payment of the pension, you shall also be entitled to additional relief sanctioned under this scheme from time to time.
Furthermore, if you do not take up employment covered under this scheme but die before attaining the age of 58 years, the amount of contributions received in your case shall be converted into a monthly widow's pension or children's pension.
From India, Delhi
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Since you have been a member of EPF and EPS for nine and a half years, my advice is to transfer your contributions from the previous company to the current one by applying in Form No. 13 through your present employer. Once the transfer is completed, your account will be regularized, and every year you will receive your statement in Form No. 23 from EPFO. However, you will not receive any details regarding EPS until you reach the age of 58, as stipulated in the scheme. The minimum pensionable service required is 10 years. Since you have already completed the required service, please refrain from withdrawing anything from the provident fund or EPS. In the long run, you will benefit as, being in your thirties, upon retirement, you will receive a monthly pension under the scheme, which is more advantageous than an immediate withdrawal.
Regards,
Adoni Suguresh
Sr. Executive (Personnel, Administration & Industrial Relations)
Retired Labour Laws Consultant
From India, Bidar
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Regards,
Adoni Suguresh
Sr. Executive (Personnel, Administration & Industrial Relations)
Retired Labour Laws Consultant
From India, Bidar
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You have been correctly informed that you can avail of EPS 1995 benefits at 58. Just ensure that whenever you change jobs, you continue with the same EPF account. If you close it and opt for a new EPF account, you will lose the benefits you have accumulated in the past.
Thanks & regards,
From India, Pune
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Thanks & regards,
From India, Pune
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In my present company, the total strength is only 14. We are planning to implement EPF but have not implemented it yet. If somehow EPF is not implemented in the present company and I continue to work, then after two or three years, if it's implemented or if I change the company and continue my previous EPF account, will I get all the past benefits too?
From India, Trivandrum
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From India, Trivandrum
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Calcu. pf Emp.eps.epf sample sheet for HR site..xls
EPF,EPS,EDLI.pp t