I worked with an organisation from 2002 to 2004. The total EPS amount contributed by my employer in the EPS fund during this duration was Rs 7752/-. I applied for withdrawl of this amount using form 10-C on 26th Jul 2007. On 11th Mar 2008, I got an amount of Rs. 4536/- in my bank account. After that no other amount was credited to my bank account for that withdrawl. I have recently checked with the EPF branch about the same & the case is showing settled in their records. I have myself seen this on their computer screen.
Also, one of the EPFO employees told me that no interest is paid on the amount accurued in the EPS fund, so I should get only Rs. 7752/-. I am not sure if this is true.
Can anyone help me settle this issue? What should I do to get the balance amount? Am I also entitled for the interest on the balance amount? If yes, at what rate?
Regards,
Jatin
From India, Delhi
Also, one of the EPFO employees told me that no interest is paid on the amount accurued in the EPS fund, so I should get only Rs. 7752/-. I am not sure if this is true.
Can anyone help me settle this issue? What should I do to get the balance amount? Am I also entitled for the interest on the balance amount? If yes, at what rate?
Regards,
Jatin
From India, Delhi
Dear Jatin,
EPS contribution and withdrawal benefit are different. To calculate withdrawal benefit there is a factor in Table D to be multiplied by last drawn salary, subject to a ceiling of Rs. 6500. As on now the factor for 2 years is 1.99. Before amendment it was above 2. (As I am far from my office, I am unable to provide the correct figure and effective date).
Please provide last drawn salary & contributory period in EPS (from / to date). I shall attend your case on 18.10.2010.
Abbas.P.S
From India, Bangalore
517EPS contribution and withdrawal benefit are different. To calculate withdrawal benefit there is a factor in Table D to be multiplied by last drawn salary, subject to a ceiling of Rs. 6500. As on now the factor for 2 years is 1.99. Before amendment it was above 2. (As I am far from my office, I am unable to provide the correct figure and effective date).
Please provide last drawn salary & contributory period in EPS (from / to date). I shall attend your case on 18.10.2010.
Abbas.P.S
From India, Bangalore
Thanks Abbas.
I have attached an excel sheet stating my salary drawn & contributory period in my previous post. Please refer to it for these details.
My problem is that when I applied for withdrawl of this amount using form 10-C on 26th Jul 2007, I got an amount of Rs. 4536/- only in my bank account on 11th Mar 2008, whereas I my employer contributed Rs. 7752/- in this EPS fund during the period of my service with that organisation. The EPF branch has closed the case and showing case settled in their records.
As per my understanding, I should have got atleast the whole amount of contribution (Rs. 7752/-), if no interest or govt contribution is accrued with it when I apply to withdraw all the amount contributed into EPS before completion of 10 years of service with that organisation.
Also, I have a doubt on what one of the EPFO employees told me about the EPS withdrwawls: no interest or govt contribution is paid on the amount accurued in the EPS fund, if we apply for withdrawl before completion of 10 years of service.
Regards,
Jatin
From India, Delhi
I have attached an excel sheet stating my salary drawn & contributory period in my previous post. Please refer to it for these details.
My problem is that when I applied for withdrawl of this amount using form 10-C on 26th Jul 2007, I got an amount of Rs. 4536/- only in my bank account on 11th Mar 2008, whereas I my employer contributed Rs. 7752/- in this EPS fund during the period of my service with that organisation. The EPF branch has closed the case and showing case settled in their records.
As per my understanding, I should have got atleast the whole amount of contribution (Rs. 7752/-), if no interest or govt contribution is accrued with it when I apply to withdraw all the amount contributed into EPS before completion of 10 years of service with that organisation.
Also, I have a doubt on what one of the EPFO employees told me about the EPS withdrwawls: no interest or govt contribution is paid on the amount accurued in the EPS fund, if we apply for withdrawl before completion of 10 years of service.
Regards,
Jatin
From India, Delhi
Dear Jatin,
The accumulation in PF account and withdrawal benefit are different. There is no direct connection with the EPS contribution.
Your service in EPS will be rounded to nearest year. For this purpose, 6 months & above will be rounded up and below six months will be rounded down. There is a corresponding factor (in compliance with number of years of service) stipulated in Table D. This will be multiplied by the last drawn salary subject to a ceiling of Rs. 6500, so that the withdrawal benefit will be arrived.
As per Table D, in many cases, the withdrawal benefit is less than the actual amount paid. If somebody get more than remittance, the enhancement/interest component will be very nominal.
Abbas.P.s
From India, Bangalore
The accumulation in PF account and withdrawal benefit are different. There is no direct connection with the EPS contribution.
Your service in EPS will be rounded to nearest year. For this purpose, 6 months & above will be rounded up and below six months will be rounded down. There is a corresponding factor (in compliance with number of years of service) stipulated in Table D. This will be multiplied by the last drawn salary subject to a ceiling of Rs. 6500, so that the withdrawal benefit will be arrived.
As per Table D, in many cases, the withdrawal benefit is less than the actual amount paid. If somebody get more than remittance, the enhancement/interest component will be very nominal.
Abbas.P.s
From India, Bangalore
Dear Abbas,
If the factor is 1.99 in my case & my last drawn salary = Rs. 4700/- (as specified in the excel sheet), then my EPS withdrawl amount should have been Rs. 9353/- instead of Rs. 4536/-. Please correct me if I am wrong.
How is the withdrawl amount for EPS calculated using this factor?
From where can I get more insight into Table D & withdrawl calculations?
Regards,
Jatin
From India, Delhi
If the factor is 1.99 in my case & my last drawn salary = Rs. 4700/- (as specified in the excel sheet), then my EPS withdrawl amount should have been Rs. 9353/- instead of Rs. 4536/-. Please correct me if I am wrong.
How is the withdrawl amount for EPS calculated using this factor?
From where can I get more insight into Table D & withdrawl calculations?
Regards,
Jatin
From India, Delhi
I had resigned from an organisation in March 2009 after working there for 125 months( > 10 yrs) . Since I joined the company the PF was manged by the company's trust .Though last year I got my full PF amount from the company but my questions are
Am I eligible for pension under EPS-95 ?
Is the pvt trust managed PF follow differents guideline?
Regards,
Ashok
Am I eligible for pension under EPS-95 ?
Is the pvt trust managed PF follow differents guideline?
Regards,
Ashok
Hello Abbas,
I think my date of joining EPS is same as my date of joining that organisation, which was 01/08/2002
My date of relieving from that company was 15/05/2004 & date of application for EPS withdrawl was 26/07/2007.
The date of credit of EPS withdrawl amount into my bank account was 11/03/2008.
I am not sure which of these dates do you consider the date of exit from EPS.
I hope you get the required information from these dates.
Regards,
Jatin
From India, Delhi
I think my date of joining EPS is same as my date of joining that organisation, which was 01/08/2002
My date of relieving from that company was 15/05/2004 & date of application for EPS withdrawl was 26/07/2007.
The date of credit of EPS withdrawl amount into my bank account was 11/03/2008.
I am not sure which of these dates do you consider the date of exit from EPS.
I hope you get the required information from these dates.
Regards,
Jatin
From India, Delhi
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