Dear Seniors, Most employees raise questions to HR, and some HRs also confuse people like me now that after 03 months or 01 year but before 10 years service and contributions in EPS Scheme, can employee an withdraw their 100% fund (EPF+EPS). Please suggest.
Regards,
Neeraj Kumar
From India, Mohali
Regards,
Neeraj Kumar
From India, Mohali
PF accumulation which represents the employee's contribution and a portion of employer's share (ie, 3.67%) can be withdrawn in full without any membership time period. But Pension Fund contribution made by the employer cannot be withdrawn by an employee before completing 6 months of contributions. Similarly, a member cannot withdraw the pension fund if he has contributed for more than 9 years and six months. Nine years and six months would be rounded off to ten years, and then he will qualify for pension. Once a member qualifies for pension he cannot withdraw it by way of accumulation. He can draw monthly pension on attaining 58 years of age. As such 6 months to less than 9 years and six months is the membership period during which the pension contribution can be withdrawn by a member. Please note that for the membership period the total contribution period with any previous employment will also be considered.
From India, Kannur
4250From India, Kannur
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Weightage of 2 years in pensionable service 8.5.2017.pdf