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Stuck at 58: Can't Withdraw EPS Despite Superannuation

Milind

Milind Vadjikar  |687 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Nov 08, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Asked by Anonymous - Nov 08, 2024Hindi
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I have completed 58 years of age. Still working in one company. All Total have completed only 6.3 years of service as per PF contribution. My current company has superannuated me in EPFO. I am unable to withdraw my EPS amount as option of Form 10c is not showing. I spoke to EPFO office they say that you have to apply online only. Pls help how to proceed. Thanks & regards.

Ans: Hello;

You need to fill composite claim form (aadhar) for processing your withdrawal online.

Best wishes;
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |7101 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 23, 2024

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hi, i have worked 5 different companies starting from 01.02.1992 to 31.08.2012 and contributed to PF as per the policy. i have passbook of PF account but only amount of last company is reflecting in the passbook. I have withdrawn EPF balance but EPS part is still not withdrawn from any company. my last company has not updated the records from previous companies, . i am getting 58 years next on 29042024. i have account with EPFO and UAN. How can i get the amount accumulated or get the scheme certificate or start pension at reduced rates...i am working with a company but not registered with PF.
Ans: Given your situation, consolidating and tracking your EPF contributions and benefits can be a bit challenging but certainly manageable. Here’s a step-by-step guide to help you navigate this:

Consolidation of UAN: If you have a UAN (Universal Account Number), ensure that all your previous PF accounts are linked to it. You can do this by logging into the EPFO portal and checking the 'Manage' tab under 'For Employees'. If your previous companies have not linked your UAN to their establishment IDs, you can request them to do so.
Transfer of EPF: Use the EPFO's online transfer portal to transfer the EPF accumulations from your previous accounts to your current PF account. This will consolidate all your PF accumulations into one account, making it easier to manage and track.
EPS (Employee Pension Scheme): Since you have not withdrawn the EPS contributions from any of your previous employers, you can apply for a scheme certificate through your current employer. A scheme certificate provides details of your service and contributions and can be used to avail pension benefits at the age of 58.
Pension at Reduced Rates: If you opt for pension before attaining the age of 58, it would be at a reduced rate. However, if you choose to defer it, your pension amount will increase. You can apply for a reduced pension through your current employer or directly with the EPFO after completing Form 10D.
Contact EPFO: If you face any issues or discrepancies in your PF accounts, reach out to the EPFO regional office or helpdesk. Provide them with the necessary details and documents, including your UAN, PF account numbers, and service details with each employer.
Consult a Financial Advisor: Given the complexities involved in EPF and EPS, consulting a financial advisor or a retirement planner can be beneficial. They can guide you through the process, help you understand the implications of withdrawing or transferring your EPF and EPS accumulations, and assist you in making informed decisions regarding your retirement benefits.
Remember, it's essential to keep track of your EPF and EPS contributions and benefits to ensure you maximize your retirement benefits and make informed decisions. Taking proactive steps now can help you secure a comfortable retirement.

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R P

R P Yadav  | Answer  |Ask -

HR, Workspace Expert - Answered on Feb 29, 2024

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Sir thank you for your prompt reply. I have the following queries: 1. As I have completed 10 years of service, can I still withdraw complete EPS amount. 2. For getting pension immediately after retirement as I understand I need to fill form 10D. Can this form be filed online also. 3. After I retire when should I submit the form 10D to EPFO Office to start getting pension. 4. I would be retiring on 30th April 2024 so for how many years can I earn interest on my EPF Account without withdrawing it and what would be my last date by which I should apply for the claim. 5. While applying for the EPF Account after the maximum extended period possible can I apply for the claim online. Thanking you in advance.
Ans: Certainly! Let’s address your queries regarding the Employees’ Pension Scheme (EPS) and the process for pension withdrawal:

EPS Withdrawal After 10 Years of Service:
If you have completed less than 10 years of service or have attained the age of 58 years (whichever is earlier), you are eligible for lump-sum withdrawal from your EPS account.
However, if you have completed 10 or more years of service, you cannot withdraw the EPS amount. Instead, you can opt for a Scheme Certificate by filling Form 10C along with the Composite Claim Form (Aadhaar or Non-Aadhaar).
The Scheme Certificate allows you to transfer your pension benefits if you join another employment later.
Pension will be paid to you after attaining the age of 58 years123.
Filing Form 10D for Immediate Pension:
To receive pension immediately after retirement, you need to fill Form 10D.
Unfortunately, Form 10D cannot be filed online. You’ll need to submit it physically to the EPFO Office.
Submission of Form 10D:
After your retirement, submit Form 10D to the EPFO Office to initiate the process of receiving pension.
Ensure that you complete all necessary documentation accurately.
Interest on EPF Account:
Until you decide to withdraw your EPF amount, it continues to earn interest.
As of now, the interest rate is determined by the EPFO and is subject to change periodically.
Since you are retiring on 30th April 2024, you can continue earning interest until you decide to claim your EPF.
Claiming EPF Account After Maximum Extended Period:
After the maximum extended period (usually 3 years of inactivity), you can still apply for EPF withdrawal.
While the process may not be available online, you can submit the necessary forms physically to the EPFO Office.
Remember to consult with your employer or the EPFO directly for any specific details related to your individual case. Best wishes for your retirement!

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Ramalingam

Ramalingam Kalirajan  |7101 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

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Hi Sir, I have stopped EPF contributions wef Sept 23 due to end of my regular job at age of 57. Do I need to withdraw exactly as soon as I complete 58? Or I can park the money in EPFO to earn interest and withdraw when I require later? Do I need to
Ans: You're making prudent considerations regarding your EPF contributions. Let's discuss your options:
Withdrawal Timing:
• You have the flexibility to withdraw your EPF balance after the age of 58, as per EPFO regulations. There's no mandatory requirement to withdraw immediately upon turning 58. You can choose to keep the funds parked in your EPF account to continue earning interest until you require them.
Interest Earnings:
• By leaving your EPF balance untouched, you can benefit from accruing interest on your savings. EPF offers competitive interest rates, providing an opportunity for your funds to grow over time. This approach can be particularly advantageous if you don't have an immediate need for the funds and wish to capitalize on their earning potential.
Withdrawal Considerations:
• While you have the option to retain your EPF balance and withdraw it at a later date, it's essential to evaluate your financial goals and liquidity needs. Consider factors such as your retirement plans, anticipated expenses, and other sources of income. If you foresee a need for funds in the near future, withdrawing from your EPF account may be a viable option.
Financial Planning:
• As you navigate this decision, consider consulting with a Certified Financial Planner (CFP) who can provide personalized guidance based on your specific financial situation and goals. A CFP can help you assess the pros and cons of retaining your EPF balance versus withdrawing it, taking into account factors such as taxation, inflation, and investment alternatives.
In summary, you have the flexibility to decide when to withdraw your EPF balance after the age of 58. While retaining the funds in your EPF account allows you to continue earning interest, it's essential to weigh this option against your financial needs and objectives. By carefully evaluating your circumstances and seeking professional advice, you can make an informed decision that aligns with your long-term financial well-being.

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Milind Vadjikar  |687 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Nov 24, 2024

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Hello Team, Hi Dev Sir, I am 43 years old employed. Here are my financial stats: Loan - 35 lacs Saving- 27 lacs 1 house bought in 2009 at rent (14000/month) and valued at 60 lacs Another house which I live is valued at 90 lacs Monthly income after tax - 2.5 lac Monthly expenses- 1 lac PF/gratuity - 16 lacs MF - 2 lacs NPS - 4 lacs What are my options to retire after 5 yrs with good corpus?
Ans: Hello;

What is your monthly contribution to EPF, NPS and MFs?

Please clarify so as to advise you suitably.

Thanks;

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Sir i am currently in class 11 th and i just want to prepare for jee mains and advanced 2026 exam so give me some roadmap to achieve and also guide me for computer science
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Asked by Anonymous - Nov 23, 2024Hindi
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My son graduated BE CSC with 8.9 CGP was offered a job as system engineer inTCS in April when he was in his 8th semister. Till November 23 he didn't get the on boarding letter, in the meantime whe appeared in two' exams under same offer. Advice what has been going on.
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T S Khurana

T S Khurana   |197 Answers  |Ask -

Tax Expert - Answered on Nov 23, 2024

Asked by Anonymous - May 11, 2024Hindi
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Can you please suggest on capital gains as per Indian taxation laws arising in the below two queries : 1) property purchased with joint ownership, me and my wife’s name in 2015 at a cost of 64,80,000, housing improvements done for the cost of 1000000 and brokerages of 200000 paid and sold the same property at 10000000 in Dec 2023? 2) 87% of the proceeds got from the deal i.e 8700000, have been reinvested to pay 25% amount in purchasing another joint ownership property in Dec 2023, 3) I have invested in another under construction property in Nov 2023 by taking housing loan, which is on me and my wife’s name worth 1.4 cr, here the primary applicant is me only while wife is just made a Co applicant in the builder buyer agreement and also on the housing loan . So what are the LTCG tax liabilities arising from the above 3 scenarios for FY 2023-2024 and FY 2024-2025. I intend to sale off the property acquired in (2) by Dec 2024 and use that proceeds to close the housing loan for the property acquired in (3), will this sale of property be inviting any tax liabilities if the complete proceeds received from the sale of the property in (2) would be utilised to close the housing loan taken in Nov 2023 for the property in (3) ? Since in FY 23-24, I would be claiming the LTCG from the sale proceeds of 1) invested in the purchase of property in 2), and I intend to sale off this property in Dec 2024, will the LTCG claim be forfeited on the property sale in (1), should I hold this property at least for further 1 year so that sale of this property in 2) will not invite STCG?
Ans: (A). Let's first talk about F/Y 2023-24 :
You jointly sold a Property during the year for Rs.76.80 lakhs (64.80+10.00+2.00), & sold the same for Rs.100.00 lakhs.
You have jointly also purchased Property No.3 (I suppose it is Residential only), for Rs.140.00 lakhs.
You should avail exemption u/s-54 & file your ITR accordingly. Please disclose all details about sale & purchase in your ITR.
02. Now coming to the F/Y 2024-25 :
You intend to Sell Property No.2, which was acquired in 2023-24. Any Gain on Sale of it would be Short Term capital Gains & taxed accordingly.
Alternatively, you may hold this sale of property no.2 (for 2 years from its purchase) & avoid STCG
You are free to utilize the sale proceeds in a way you like, including paying off your housing Loan.
Please note to avail exemption u/s 54 only from investment in property no.3 & not 2.
Most welcome for any further clarifications. Thanks.

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