You have also withdrawn PF money, but what will happen to the pension fund, when will you get the amount deposited in EPS?
c
Most of the employees working in the private sector withdraw the money deposited in the Employees Provident Fund (EPF) when they change their job or leave the corporate sector and start their own business, but most of these people do not know about the amount deposited in the pension fund. Even today, most of the people do not know when and how the amount deposited in the EPS i.e. Employee Pension Scheme can be withdrawn.
In fact, employees who change jobs and leave the organized sector withdraw their Provident Fund (EPF) balance and think that they have closed the chapter of their retirement fund. They do not know that even after EPF withdrawal, the pension component i.e. Employee Pension Scheme (EPS) does not close automatically and neither do you get the amount deposited in it. It can be calculated and withdrawn on the basis of your working history.
What is EPS and EPF
When both the employer and you contribute to EPF, a part of the employer’s contribution goes to EPS. The EPF portion earns interest and can be withdrawn, while the EPS portion is for your pension and does not earn interest. It can only be withdrawn for full pension after 10 years of service and on attaining the age of 58 years. If you withdraw PF before completing 10 years, your EPS contribution is not withdrawn unless you specifically fill Form 10C to withdraw it.
If service is less than 10 years…
People who have more than 10 years of service, their EPS contribution entitles them to pension, even if they have withdrawn their EPF. You have to apply for pension on attaining the age of 58 years by filling Form 10D separately. In most cases, employees inadvertently leave out their EPS (Employees Pension Scheme) portion while withdrawing PF after five or six years of their service. Since, EPS does not automatically come into your bank account and does not earn interest on it, it is not taken into account.
Its records are not deleted
EPS records are not deleted. Even when you withdraw your PF, the EPS record remains with the EPFO, which is linked to your Universal Account Number (UAN). This means that you can check your EPS service record. You can also check if your EPS balance is safe or not. This will help you avail pension in future and transfer the EPS service record to the new employer.
How to check your EPS status
Even if you have withdrawn your PF, you can still login to the EPFO member portal with your UAN and view your service record. To know your EPS, follow the following process.
- Login with your password and UAN.
- Go to the ‘View’ section and click on ‘Service History’.
- You will see your service history, which also includes EPS contribution records.
If you have less than 10 years of service…
If your total service was less than 10 years and you have withdrawn PF but not EPS, you can apply for a refund of your EPS contribution through Form 10C. You can get this form from the EPFO website and submit it online if you have Aadhaar linked and complete KYC. If you are unaware of your UAN or previous PF details, you can still get it from the EPFO site. Withdrawing your PF does not mean that your EPS is lost. You are still fully entitled to receive it.
