On Withdrawal, less than 100% amount is received
You might be thinking that you will get 100% of PF amount on withdrawal. But this is not the case. On withdrawal before completion of 10 years, you will get 100% of EPF but in case of EPS, you might not get 100%. Amount of EPS on withdrawal depends on Table D which is as follows:
Years Completed | Multiplication Factor |
---|---|
1 | 1.02 |
2 | 2.05 |
3 | 3.10 |
4 | 4.18 |
5 | 5.28 |
6 | 6.40 |
7 | 7.54 |
8 | 8.70 |
9 | 9.88 |
If you have completed 10 years, you will be entitled to Pension. Therefore, you will not get anything out of EPS but will get pension as per conditions mentioned above.
Must Read : Some facts about EPF
: EPF Facts 1 – Nomination and Insurance Facility
: EPF Facts 2 – Pension by EPFO
: EPF Facts 3 – No interest on EPS (Employee Pension Scheme)
:EPF Facts 4 – VPF (Voluntary Provident Fund)
: EPF Facts 5 – Withdrawal from EPF