Claiming Your Pension? Don’t Miss These EPS Essentials, Know Eligibility Criteria, Key Documents and Other:

Claiming Your Pension? Don’t Miss These EPS Essentials, Know Eligibility Criteria, Key Documents and Other EPS is the monetary value of earnings per outstanding share of common stock for a company during a specified period. The above came into effect in 1995 under the Employees' Provident Fund Organisation (EPFO) for the satisfaction of employees working under companies and organisations. Employees who come under this scheme are permitted to an employee pension scheme.

• Employers contributed 12% to the EPF out of which the employer’s 8.33% will go into the EPS account out of up to Rs 15,000 towards the scheme.
• When employees retire, they receive a monthly pension amount depending on their service and their last drawn salary.
• To withdraw your EPS contribution, you are required to complete the above-mentioned eligibility criteria.
• You can also withdraw if you've been unemployed for at least two months after working for more than six months but also less than 10 years.

Eligibility Criteria of Employee's Pension Scheme

• If you have worked for almost 10 years and have reached the age of 50 you can still choose for a pension. But your pension amount will be reduced by 4% for every year until you get 58 years old.
• If you have worked for more than six months but less than 10 years, then you can withdraw your pension contribution after being unemployed for two months.
• And in case you already reach the age of 58 but still have not completed 10 years of service, then you will not be eligible for a monthly pension. Instead, they can withdraw the whole pension amount as a lump sum. (This instance happens for those who joined the organised sector later in life, after the age of 48.

EPF Withdrawal Limits

Condition When You Can Withdraw EPF	EPF Limit for Withdrawal
Wedding Ceremony	50% of the total EPF contribution to date
Medical Emergency	It can be 6 times your present monthly salary or the entire corpus, whichever is less
Home Renovation	12 times your current salary
Repayment of Home Loan	Not more than 90% of your EPF contribution
Unemployment	In such a scenario- 25% of the EPF contribution after 2 months of unemployment, and 75% of the EPF contribution after 1 month of unemployment
Retirement	Total amount

Document Required For EPF Pension

The following is the document required for EPF pension contribution withdrawal: Form 10C: Needed if your service period is less than 10 year Form 10D: Required if you are either 50 or 58 years old Bank statement: A recent stfrom your bank account Two revenue stamps: Essential for completing the withdrawal process Proof of identity and address: Photocopies of valid identification and address verification

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How to withdraw EPF pension online?

1. Go to the official website of EPFO and go to the "Services" tab. Click on 'For Employees'.
2. Select 'Member UAN/Online Service (OCS/OTCP)' and log in using your UAN and password.
3. To submit a claim, go to the 'Online Services' section and select 'Claim (Form-31, 19 10C and 10D)'.
4. Fill in the necessary information, confirm your bank account number, and choose the appropriate form for your situation.
5. Once you have filled out the form, click on 'Validate OTP and Submit Claim Form' to finish the process.

How to withdraw pension contributions offline?

• Download Form 10C or Form 10D from the EPFO website.
• Complete the form and attach self-attested copies of your identity proof, address proof, and bank account statement.

EPF Pension Withdrawal Rules

following are the withdrawal rules for the pension (EPS) part of your EPF:

• In case you served for less than 6 months then there will be no pension amount to be withdrawn.
• In case you served for 6 months to less than 10 years however you are permitted to withdraw the EPS amount using Form 10C as a lump sum. and
• If you finish 10 years of service, you are not allowed to withdraw the pension fund, you can only get a monthly pension starting from age 58.
• If you've finished your 10 years but want to claim a reduced pension at 50 then you are still required to submit Form 10D.
• For monthly pension, you must submit Form 10D.