Employee Pension Scheme Withdrawal Inquiry
If an employee has not completed 10 years of service and has withdrawn their EPF amount after leaving the company, they receive the withdrawal amount minus the EPS amount. It is mentioned that after 10 years, the pension amount can be withdrawn. Could you please provide me with information on the Employee Pension Scheme and its withdrawal procedure? Additionally, is it possible to withdraw this amount with less than 7 years of service?
Thank you.
Regards,
From India, Delhi
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If an employee has not completed 10 years of service and has withdrawn their EPF amount after leaving the company, they receive the withdrawal amount minus the EPS amount. It is mentioned that after 10 years, the pension amount can be withdrawn. Could you please provide me with information on the Employee Pension Scheme and its withdrawal procedure? Additionally, is it possible to withdraw this amount with less than 7 years of service?
Thank you.
Regards,
From India, Delhi
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[QUOTE=Arunima Vidyarthi; 2190924]
If an employee has not completed 10 years of his service and withdrawn his EPF amount after leaving the company, then he gets the withdrawal amount less the EPS amount, which is said that after 10 years the pension amount can be withdrawn. Please enlighten me on the Employee Pension Scheme and its withdrawal procedure. Also, can this amount be withdrawn in less than 7 years of service?
Employee Pension Scheme Withdrawal
Please do not worry about the length of service of an employee. EPF can be withdrawn by submitting Form 19, and while submitting Form 10C for EPS, a scheme certificate needs to be opted for. It is not advisable to withdraw the EPS, and one needs to get laminated certificates from EPFO. On completion of 10 years of service in many private industries, a person is eligible to receive a pension upon crossing 50 years and 58 years. In the recent amendment, as per the government's direction, if a person withdraws before completion of 5 years, the amount will be tax-affected.
Hope this is clear now.
Thank you.
---Arunima Vidyarthi
From India, Hyderabad
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40If an employee has not completed 10 years of his service and withdrawn his EPF amount after leaving the company, then he gets the withdrawal amount less the EPS amount, which is said that after 10 years the pension amount can be withdrawn. Please enlighten me on the Employee Pension Scheme and its withdrawal procedure. Also, can this amount be withdrawn in less than 7 years of service?
Employee Pension Scheme Withdrawal
Please do not worry about the length of service of an employee. EPF can be withdrawn by submitting Form 19, and while submitting Form 10C for EPS, a scheme certificate needs to be opted for. It is not advisable to withdraw the EPS, and one needs to get laminated certificates from EPFO. On completion of 10 years of service in many private industries, a person is eligible to receive a pension upon crossing 50 years and 58 years. In the recent amendment, as per the government's direction, if a person withdraws before completion of 5 years, the amount will be tax-affected.
Hope this is clear now.
Thank you.
---Arunima Vidyarthi
From India, Hyderabad
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Employee Pension Scheme, 1995.doc
Form10C.PDF for Employee Pension Scheme 1995.PDF