Dear All,
If an employee has not completed 10 yrs of his service and withdrawn his EPF amount after leaving the company then he gets the withdrawal amount less EPS amount which is said that after 10 yrs the pension amount can be withdrawn. Pls enlighten me on Employee Pension Scheme and about its withdrawal procedure? Also if this amount can be withdrawn in less than 7 yrs of service.
From India, Delhi
If an employee has not completed 10 yrs of his service and withdrawn his EPF amount after leaving the company then he gets the withdrawal amount less EPS amount which is said that after 10 yrs the pension amount can be withdrawn. Pls enlighten me on Employee Pension Scheme and about its withdrawal procedure? Also if this amount can be withdrawn in less than 7 yrs of service.
From India, Delhi
Ms. Arunima
Please do not bother about the length of service of an employee. EPF can be withdrawn through submitting Form 19 and while submitting Form 10C for EPS, scheme certificate needs to be opted. It is not advisable to withdraw the EPS and needs to get laminated certificates from EPFO, on completion of 10 years service in many private industries, a person is eligible for getting pension on crossing 50 years and 58 years. In the recent amendment as per Govts direction, if a person draw before completion of 5 years, the amount will get tax affected.
Hope it is clear now. Thanks---
From India, Hyderabad
40Please do not bother about the length of service of an employee. EPF can be withdrawn through submitting Form 19 and while submitting Form 10C for EPS, scheme certificate needs to be opted. It is not advisable to withdraw the EPS and needs to get laminated certificates from EPFO, on completion of 10 years service in many private industries, a person is eligible for getting pension on crossing 50 years and 58 years. In the recent amendment as per Govts direction, if a person draw before completion of 5 years, the amount will get tax affected.
Hope it is clear now. Thanks---
From India, Hyderabad
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