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Jobless Due to Covid-19, Now Wondering About My EPS!

Milind Vadjikar | Answer |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 07, 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 - Aug 14, 2024Hindi

Money

Sir, I had lost my Job during Covid Pandemic in the year 2020 and I had recently got all of my EPFO credited in my account for the last 10 years 6 months.. The EPF was being maintained by the Company's trust. I had asked the respective manager about my EPS(Pension) then he said that they only maintained the EPF amount and the EPS is maintained by the EPFO. Sir Can you tell me how can I access my EPS fund? Do I need any documents or prerequisites from the Company I last worked with or the company which maintained my EPF? Please provide me all the relevant information about my EPS amount and how can I withdraw it.

Ans: Since you worked for more then 10 years EPFO may not allow you to withdraw EPS. Depending on your age 50/58 you may be eligible to receive pension through EPS. Get the scheme certificate from your employer regarding EPS contributions. Have an active UAN linked to your Aadhar & Bank account so that you file claim for receiving EPS pension thru your assigned EPF office.

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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Sir, in my previous company I was eligible for EPS however not in my current company. I did EPF transfer but it was done without EPS. Please suggest step what I need to do ? Whether I can withdraw my EPS amount or if possible to transfer to my EPF account?

Ans: Since you were eligible for EPS in your previous company but not in your current company, your EPS account would become inactive when you transferred your EPF account. The EPS amount cannot be withdrawn, but it can be transferred to your current EPF account.

Here are the steps you need to take to transfer your EPS amount to your current EPF account:

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Thanks for the reply sir.. I have withdrawn all epf fund & can not withdraw eps pension amount ? 2 lacs due to epf/eps regulations. My age is 45 yrs & can start early pension from age 50 as per epf guidelines. Is there any way out to get pension contribution of ? 2 lacs now.. Is there any legal procedure because my fund get stuck with EPFO & i can not use it for my need.. I have no control for my own money. Pls suggest..

Ans: The system will work as per Rules & Regulations of EPF Pension. It is not a question of managing you own funds at your own sweet will. You have invested the amount in a scheme for your future benefit. You should operate within the guideline framed by the scheme (EPS Pension).
Most welcome for any further clarifications. Thanks.

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Question by Rakesh - Oct 02, 2024Hindi

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I have worked in pvt institution from Oct 1981 to Nov 2001.My employer had sent my contribution towards EPS 1995 scheme from August 1982 (confirmation) to November 2001(resignation) to the EPF office.A cirtificate of my contribution till 1998 is issued to me by my employer.I want to know whether I am eligible for pension or not as at present I am 68 yrs. If not how can I withdraw the amount contributed by me. I have no UAI no. I have only the A/C no. as issued by my employer. Moreover,can I activate (KYC) my EPFS account now if possible.

Ans: Hello;

You may seek help of a lawyer specializing in labour & EPF laws.

You may approach the EPFO assigned to your employer during that time through your lawyer and ascertain whether EPS pension payment is possible for you.

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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;

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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