EPFO Update – If you also want pension after retirement, then this news is beneficial for you. Actually today we are going to tell you about EPS Scheme Certificate in this news. Which is helpful in getting pension after retirement.
EPS scheme certificate: The Employees’ Pension Scheme is managed by the Employees’ Provident Fund Organization (EPFO). This scheme is designed to provide pension after retirement to the employees working in the private sector. When employees change their jobs for better opportunities, they can transfer their EPF accounts to their new employer. Notably, all those employees who are part of Employees’ Provident Fund (EPF) Scheme and Employees’ Pension Scheme (EPS) will have to transfer their EPF account as per their new employment.
However, many employees are not aware that they should also obtain an EPS certificate from the Employees’ Provident Fund Organization (EPFO) to transfer the pension amount. EPS scheme certificates are issued as a part of the Employees’ Pension Scheme, 1995.
What is EPS scheme certificate?
EPFO member is eligible for pension after the age of 58 years and pension can be availed after retirement. EPS scheme certificate is issued to those employees who want to transfer the pension amount to the new account after changing their jobs.
If the total service period of the EPFO member is 10 years or more, then the pension amount can be transferred from one account to another using the EPS Scheme Certificate only.
If the service period is more than 180 days and less than 10 years then it is optional for the employee to do eps fund transfer. The certificate ensures that their previous pensionable service has been added to the current employment period.
This not only helps in increasing their pension benefits but also provides pension benefits to the family members in case of untimely death of the member.
How will you get help from EPS Scheme Certificate?
People who change their jobs need to submit their EPS scheme certificate (issued by filling EPF 10C form) to EPFO. On depositing this through the new employer, the pension amount will also be transferred to the new account.
Once the service period is more than 9.5 years and the age of the employee is less than 50 years, they will need EPS Scheme Certificate to transfer the pension from one account to another. It is mandatory to fill Form 10C whenever an employee changes jobs irrespective of your choice to withdraw or transfer the EPS amount.
