Dear Sreekanth,
I am Vinoth, 33 years old. I have a clarification on EPF employer contribution. If my contribution to EPF account is Rs 3000 per month then employer should contribute Rs 3000 (which is the combination of EPF & Pension) , If i retire or quit the job then, how that pension amount will come ? whether its a lump-sum with EPF amount or monthly pension ?
If its a monthly pension then how long it will come ?
Can you clarify how it works ?
Thanks and regards,
Vinoth GS
2 Answers
Dear Vinoth,
If you quit the job and in case do not contribute to EPF scheme (remain unemployed for minimum 2 months), you can withdraw EPF & EPS full amount. Kindly note that you can withdraw EPS balance if the service period is less than 10 years.
For EPF - retirement age is 55 years.
After 10 years of service period, you can not withdraw EPS amount.
You may kindly go through this article on EPS (written by my good friend and fellow blogger), can be useful to you.
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