If you are employed, every month 12 percent of your salary is deducted and goes to the Employees’ Provident Fund Organization (EPFO). Out of the employer’s 12 percent contribution, only 3.67 percent is deposited in the EPF account. The remaining 8.33 percent is deposited in the EPS account. Whether you have worked for 6 months or 15 years, you can withdraw EPF money whenever you want under the rules, but this is not the case with EPS. For this, you should understand the rules related to EPS withdrawal.
If job is for less than 6 months, you cannot withdraw money
If you have worked for less than 6 months, you cannot withdraw pension money by rule. To withdraw this money, contribution in EPS account for more than 6 months is necessary. On the other hand, if you have worked for 10 years or more or for more than 9 years and 6 months, then also you cannot withdraw EPS money. In case of contributing for more than 10 years, you become entitled to receive pension from EPFO. In such a situation, you can take pension from EPFO at the age of 50 to 58 years.
If the job is more than 6 months and less than 10 years
If you have worked for less than 9 years and 6 months and do not intend to work further, then you are not entitled to get pension from EPFO. In Such situation, you can make full and final settlement with the amount of EPF and EPS and your account from this will be completely closed by EPFO.
How to claim EPS money
Employees can withdraw the money deposited in EPS at the same time while making full and final settlement of his EPF if employee’s job tenure is not 10 years. In such a case, he has to fill Form 10C. On the other hand, to get pension benefits after retirement, he has to fill Form 10D. In any other situation also, if the person is entitled to get pension from EPFO, So, he will have to fill Form 10D.
