Hi Sreekanth,
I have switched to a new organization recently after serving 8 years in the previous organization.I would like to transfer the EPF amount to a new account provided by the new organization but would like to withdraw EPS. Is it possible to transfer EPF but withdraw EPS?
Regards,
Satya
3 Answers
Dear Satya,
As you are contributing to EPF scheme again, you have to transfer both EPF and EPS. Kindly note that EPF amount will be carry forward and will be reflected in your PF passbook but EPS amount will not be reflected.
In case of EPS, the service years will be carry forwarded and recorded in EPFO database.
Thank you .
I would like to seek a suggestion in this case. I have accumulated 2.7Lakhs of EPF amount and 68K of EPS amount. As the pension given every month at the age of 58 is as less as 7000/month (if at all I retire in my 50's), is it a wise idea to withdraw this complete amount and invest in a fund/policy which yields 8-9% compounded interest annually ? Regards,
Satya
I would like to seek a suggestion in this case. I have accumulated 2.7Lakhs of EPF amount and 68K of EPS amount. As the pension given every month at the age of 58 is as less as 7000/month (if at all I retire in my 50's), is it a wise idea to withdraw this complete amount and invest in a fund/policy which yields 8-9% compounded interest annually ? Regards,
Satya
Dear Satya,
As mentioned in my previous comment, if you are joining a new company immediately and going to contribute to EPF scheme again then you have to TRANSFER the funds and can not withdraw.
You may plan building your retirement corpus through your savings or investing your disposable income.
Kindly read:
http://www.relakhs.com/retirement-planning-calculator-3-easy-steps/
http://www.relakhs.com/personal-financial-planning-articles-list/
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