Withdrawal norms for EPS-95 subscribers relaxed — check eligibility, process and key details of scheme

EPS was introduced in the year 1995 to help employees in the organised sector.

While the employee's entire part goes to EPF (subscribers contribute 12 percent of their basic salary and Dearness Allowance), the employer's contribution goes to EPS at a rate of 8.33 percent. After the employee retires, the plan provides a steady stream of income.

All employees who are eligible for the EPF scheme are also eligible for EPS. The benefits can be availed only if the employee has been in service for at least 10 years. The scheme’s benefits are available to existing and new EPF members.

Subscribers can receive pension once they have completed 10 years of service. If employees are currently employed and have not completed ten years of service, they not be eligible to take EPS funds.

It is important to note here, however, that individuals must attain the age of 50 or 58 years to withdraw the pension amount.  If individuals withdraw the pension amount when they attain the age of 50 years, they will receive a lesser EPS amount.

With the new regulation, EPS-95 subscribers with less than six months of service can now withdraw both EPS and EPF amounts.

Subscribers can fill out form 10C on the EPFO portal to withdraw the EPS amount. They must have an active Universal Account Number (UAN), and the KYC details must be linked to the UAN for the same.

Step 1:Visit the official website of EPFO

Step 2: Click on 'For Employees' under 'Our Services' menu

Step 3: Click on 'Member Passbook' and enter UAN, password, and captcha details. Click on 'Login'.

Step 4: Click on the respective Member ID.

Step 5: The total pension amount will be displayed under the 'Pension Contribution' column.