EPS certificate what is the use ?
I left one organisation in 2010 after 11 years and withdrawal All EPF amount. Received one certificate of EPS after 4 years while working in next company. Now I have left that company also. What should i do , should I connect the EPS certificate to this new account or Not. Or can I attach it to the third company (which I am going to join soon) account. Thanks. more
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Hi Anuj, The EPS Scheme Certificate for your past employment is a proof of your membership and contribution towards the Employees Pension Scheme, 1995 under which on retirement you will be eligible to a monthly pension from the age 58 onwards throughout your lifetime and thereafter to your spouse or nominee. You need minimum 10 years of contribution to EPS to be eligible. The amount of pension will depend on your total length of service, amount of contribution accumulated, last average monthly salary and certain formluae prescribed in the relevant rules (the government reviews them every few years). Those working in private sector usually don't have any separate provision of income after retirement so it is better to continue the EPS subscription as long as possible. The contribution is mainly funded by the employer and the government. However, as per recent amendments the employee can also add his/her contribution within some limits. In that case you will build up a larger corpus and get more pension after retirement. This pension amount comparatively may not be big amount (due to relatively smaller corpus) but will definitely supplement to other retirement provisions such as interest on the PF Contribution you get on retirement, pension plans from LIC or other vendors which are expensive and future returns cannot be determined years in advance. I suggest you collect the EPS scheme certificates for every employment and don't withdraw this amount and avail pension out of it after retirement. Regards. more
Feb 03
Obtain another EPS certificate of the organisation where you worked for 4 years and then attach both the certificates to the new EPS account. more
Jan 31
Hi Hari ! First of all You are eligible only after completion of a 10 Years Service in one company. Second , when you are withdrawing the EPF -that time you need to fill two forms (1) for PF withdrawal (2) for pension scheme certificate more
Jan 30
