EPS Vs EPF
I understand that there are two components to the contribution coming from the employer 1. EPS 2. EPF.
When you change jobs then both should get transferred from one employer to other. Where EPF typically in MNC scenario managed by the trust and they give the statement of it including the value they received from the employees earlier employer, EPS is something not known to these trusts and still maintained by EPFO organization. The detail that EPS contains is the total number of service years and not any amount. At the time of retirement, the amount is given to employee based on total number of service years multiplied by certain amount (with max of 1250 INR per month ...i.e. 1250 x 12 x no. of service years). But I am not sure whether the service years record is transferred from employer to employer and all this is being tracked by the EPFO organization or not ? I sent a query to EPFO organization under greivance but they are getting confused between EPF and EPS. Does any body got any experience with EPS who know where to get the confirmation about the number of service years record maintaied pertaining to EPS by the EPFO....(also is that your current employer is supposed to have this record? ....though in my case neither employer nor the representative of the employer handing Pension got any information on this. Also if EPFO doesn't have the full service record then how to ensure to get that information to EPFO organization? Please advice. more
When you change jobs then both should get transferred from one employer to other. Where EPF typically in MNC scenario managed by the trust and they give the statement of it including the value they received from the employees earlier employer, EPS is something not known to these trusts and still maintained by EPFO organization. The detail that EPS contains is the total number of service years and not any amount. At the time of retirement, the amount is given to employee based on total number of service years multiplied by certain amount (with max of 1250 INR per month ...i.e. 1250 x 12 x no. of service years). But I am not sure whether the service years record is transferred from employer to employer and all this is being tracked by the EPFO organization or not ? I sent a query to EPFO organization under greivance but they are getting confused between EPF and EPS. Does any body got any experience with EPS who know where to get the confirmation about the number of service years record maintaied pertaining to EPS by the EPFO....(also is that your current employer is supposed to have this record? ....though in my case neither employer nor the representative of the employer handing Pension got any information on this. Also if EPFO doesn't have the full service record then how to ensure to get that information to EPFO organization? Please advice. more
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you have to collect eps certificate from the concern epfo office .on retirement you have to submit to the authourities. pension=(total yrs of service /70 )*last drawn salary todays last drawn salary is maximum 15000.as early max deduction is 15000.i am not touching so many minor points but roughly caln is this. more
Aug 19
On the issue, I would also like to bring to the notice of the Govt.,that the pension given to retired employees from public sector and private sector companies, is a pittance ranging from Rs 1200-1500. It is a pittance in these days inflation. EPF fund is having large amount of unclaimed money. Why not increase the pension amount to at least Rs 5000/- per month? more
Aug 19
since yr previous employer has not deducted pf yr contribution to eps 95 is nil. in whch case yr earlier service is not counted for eligible for pension. more
Aug 19
