Epf Pension Contribution Withdrawal: How To Do It

By Author: Jane Joness
Total Articles: 61
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The Employees' Pension Scheme (EPS) is an Indian government social security scheme operated by the Employees Provident Fund Organisation (EPFO) that aims to ensure financial stability for both public and private sector employees after retirement. Let's go into the specifics of EPS and how to withdraw pension payments.

What is EPS (Employee Pension Scheme)?
The Employees Pension Scheme is a social security program that provides a set monthly pension to qualified employees once they retire. Employers contribute 8.33% of an employee's wage each month under this arrangement, while employees make no direct contributions.

Scenarios for Withdrawal at the Age of 58 with 10 Years of Service:

- 100% withdrawal of pension corpus, either as a lump payment or monthly pension.
Age 58, with less than ten years of experience:

- 100% withdrawal of pension corpus, but only as a lump amount.
Age 50, ten years of service:

- Early retirement with a lower pension (4% reduction every year till age 58).
Below the age of ...
... 50 and with less than ten years of service:

- Withdrawal is possible if you have been working for at least 6 months and have been jobless for at least 2 months.

What is the documentation required to withdraw your pension?

The following papers are required to withdraw pension contributions:

- Form 10C (if fewer than ten years of service) or Form 10D (if you are 50 or 58 years old)
- Identity verification
- Address Confirmation
- The most recent bank account statement
- There are two revenue stamps.

Withdrawal Procedures Online for EPS
- Visit the EPFO's official website.
- Under the 'Services' tab, choose 'For Employees'.
- Member UAN/Online Service (OCS/OTCP)' should be selected.
- Enter your Universal Account Number (UAN) and password to gain access.
- Select the appropriate form (10C or 10D) by clicking 'Online Services'.
- Fill out the form and confirm your employment information.
- Verify your bank account by entering the last four numbers.
- Confirm the method of pension withdrawal.
- Select- Aadhaar OTP verification.
- Enter the OTP sent to your Aadhaar-linked cell phone.
- Validate the OTP and fill out the claim form.
- Process of Withdrawal Offline
- Download the necessary form (10C or 10D).
- Fill out and self-attest any required papers.
- Submit the form and supporting documentation to the EPFO regional office.

Conclusion
While the EPS allows for withdrawal under certain conditions, it is best to wait until after retirement to guarantee post-retirement financial security. They are understanding the withdrawal procedure, whether online or offline, is critical for people thinking about accessing their retirement contributions.

Hi! I am Jane Jones, a Technical writer, writing just to make technical concepts simpler and easier to understand for a layman. Most of my blogs here are on niches in Finance and Investment. Having experience in and out has been for around 3 years. Happy Reading!