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Withdrawal norms for EPS-95 subscribers relaxed — check eligibility, process and key details of scheme

Withdrawal norms for EPS-95 subscribers relaxed — check eligibility, process and key details of scheme

Withdrawal norms for EPS-95 subscribers relaxed — check eligibility, process and key details of scheme
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By Anshul  Nov 2, 2022 2:39:09 PM IST (Updated)

What is EPS scheme and who are eligible for the same? What are the withdrawal conditions. Read this to get answers to all your queries on EPS

The Employees' Provident Fund Organisation (EPFO) has recently decided to allow the withdrawal of accumulations in the employees' pension scheme 1995 (EPS-95) for those subscribers who have only less than six months of service left.

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Currently, these subscribers can only withdraw the accumulations in their employees' provident fund (EPF) accounts.
The move is expected to help pensioners get a higher pension at the time of fixation of the retirement benefit.
About EPS-95 scheme
EPS was introduced in the year 1995 to help employees in the organised sector.
While the employee's entire part goes to EPF (subscribers contribute 12 percent of their basic salary and Dearness Allowance), the employer's contribution goes to EPS at a rate of 8.33 percent. After the employee retires, the plan provides a steady stream of income.
Eligibility
All employees who are eligible for the EPF scheme are also eligible for EPS. The benefits can be availed only if the employee has been in service for at least 10 years. The scheme’s benefits are available to existing and new EPF members.
Withdrawal
Subscribers can receive pension once they have completed 10 years of service. If employees are currently employed and have not completed ten years of service, they not be eligible to take EPS funds.
It is important to note here, however, that individuals must attain the age of 50 or 58 years to withdraw the pension amount.  If individuals withdraw the pension amount when they attain the age of 50 years, they will receive a lesser EPS amount.
With the new regulation, EPS-95 subscribers with less than six months of service can now withdraw both EPS and EPF amounts.
Form to withdraw
Subscribers can fill out form 10C on the EPFO portal to withdraw the EPS amount. They must have an active Universal Account Number (UAN), and the KYC details must be linked to the UAN for the same.
The process to check EPS balance
Step 1:Visit the official website of EPFO
Step 2: Click on 'For Employees' under 'Our Services' menu
Step 3: Click on 'Member Passbook' and enter UAN, password, and captcha details. Click on 'Login'.
Step 4: Click on the respective Member ID.
Step 5: The total pension amount will be displayed under the 'Pension Contribution' column.
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