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What is EPS Pension and its benefits? (Worked from 90-20, Multiple PF Withdrawals)

Milind

Milind Vadjikar  | Answer  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Nov 28, 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
Arun Question by Arun on Nov 27, 2024Hindi
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I have worked from 1990 to 2000 and having pf deducted (at that time eps pension 1995) . But after that i have worked in 6 -7 limited companies for period 5years ,3years ,1year and in some 3to 1 years (from 2000 to 2015). But in these jobs i have withdrawn my pf as at that time no UAN concept. Now how i will get the eps pension ( at present my age is 56) Pls guide....

Ans: Hello;

Have you worked for a continuous span of 10 years or more without any break after 1995, please confirm?

Thanks;
Asked on - Nov 28, 2024 | Answered on Nov 29, 2024
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Yes i have worked for 10 years and i am also pension scheme letter issued by epfo office for that period.
Ans: Hello;

You may claim EPS pension by submitting form 10(D) alongwith with copies of your scheme certificates, kyc to the assigned EPFO.

However I would suggest to wait till you complete 58 years, if possible, else you may get reduced pension now.

Best wishes;
Asked on - Dec 08, 2024 | Answered on Dec 09, 2024
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Pls suggest : What about the service period of 2000 to 2015 i have worked and pf deducted and same has been withdrawn because at that time no UAN concept was their. Secondly can i add that service period for pension calculation by paying the pf pension contribution amount with interest. Third and last where i have to apply for pension as at present i am residing in Chandigarg. Regards Arun Kumar Verma
Ans: Hello;

UAN was launched by EPFO in October 2014.

If you have withdrawn both PF and EPS after quitting jobs then the issue of pension doesn't arise.

No you can't contribute eps voluntarily it has to be accumulated through employer contribution only.

Since you don't have UAN you will have to apply personally to the EPF office where your past PF contribution was made.

Best wishes;
Asked on - Dec 12, 2024 | Answered on Dec 13, 2024
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What i have understood from your suggestion is… I have to apply UAN no for the 10 year service (from 1990 to 2000) to the concerned epfo office (i.e epfo Chandigarh). After getting uan no . I should apply for pension. Secondly the period from which i have withdrawn pf and epf pension. That period i have to ignore it for pension benefits. Is i am wright.
Ans: Hello;

Let me simplify this to avoid any confusion:

1. For the work during 2000-2015 you have withdrawn the PF as well as EPS after quitting the jobs hence question of pension payment does not arise.

2. For the period between 1990-1995 only PF may be available since EPS came in 1995.

3. For the period 1995-2000, both PF and EPS may be available.

For withdrawing funds referred to, in points at sr. No. 2 and 3 you may apply personally at the EPF office where your contributions were deposited by your employer of that time.

Hope this is clear but if you still have any doubt, please feel free to revert.

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

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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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Sanjeev

Sanjeev Govila  | Answer  |Ask -

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Asked by Anonymous - Nov 02, 2023Hindi
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Sir,I have worked in private company from September 2011 to feb 2021 where my pf amount was deducted.l have completed 9 years 5 months service and resigned but not withdrawn pf amount.I want to get pension after 60 years what should I do ?
Ans: You can only get pension under the Employees' Pension Scheme (EPS) if you have completed at least 10 years of service. However, you can still withdraw your EPF amount even if you have not completed 10 years of service. To redeem your EPF amount, you can follow these steps:

1. Merge all your previous PF accounts. This can be done online through the EPFO website or at any EPFO office.
2. Fill the Composite Claim Form (Aadhaar based) and submit it to your previous employer.
3. Attach the following documents:

•Copy of your Aadhaar card.
•Copy of your PAN card.
•Bank account statement showing your IFSC code and account number.
•Cancelled cheque from your bank account.

4. Your previous employer will verify the details and submit the form to the EPFO.
5. The EPFO will process your claim and transfer the EPF amount to your bank account.

If you have not worked for more than two months after resigning from your job, you can withdraw the entire balance in your EPF account. If you have worked for more than two months after resigning from your job, you can withdraw only 75% of the balance in your EPF account. The remaining 25% can be withdrawn after two months of unemployment.

Note – If you will continue your services in another company for next 6 month you will be eligible for the pension.

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