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Withdrawing your pension contributions from EPF
The Employees' Provident Fund Organisation (EPFO) has established the Employees' Pension Scheme (EPS) to ensure financial stability post-retirement. Whether you're facing an unexpected emergency or planning for future financial needs, understanding the process of EPF pension contribution withdrawal is important. Knowing the steps and conditions for both online and offline withdrawals can help you access your funds easily.
What is the Employees' Pension Scheme?
EPS is a social security initiative under the EPFO designed to provide a stable pension to employees in the organised sector. Key aspects include:
- Employer contribution: Employers contribute 8.33% of an employee’s salary (up to ₹15,000) towards the scheme.
- Pension benefits: When employees retire, they receive a monthly pension. The amount is determined by the length of their service and their last drawn salary.
When can you withdraw your pension contribution?
- If you have worked for at least 10 years and have reached the age of 50, you can opt for an early pension. However, your pension amount will be reduced by 4% for every year until you turn 58 years.
- If you have served for more than six months but less than 10 years, you can withdraw your pension contribution after being unemployed for approximately two months.
- If you have reached the age of 58 but have not completed 10 years of service, you will not be eligible for a monthly pension. Instead, you can withdraw the entire pension amount as a lump sum. This situation often occurs for those who joined the organised sector later in life, after the age of 48.
Documents needed for EPF pension contribution withdrawal
1. Form 10C: Required if your service period is less than 10 years.
2. Form 10D: Needed if you are either 50 or 58 years old.
3. Proof of identity and address: Copies of valid identification and address verification.
4. Bank statement: A recent statement from your bank account.
5. Two revenue stamps: Essential for completing the withdrawal process.
How to withdraw EPF pension online?
1. Visit the EPFO website: Go to the official EPFO website and navigate to the 'Services' tab. Click on 'For Employees.'
2. Log in: Select ‘Member UAN/Online Service (OCS/OTCP)’ and log in using your UAN and password.
3. Submit a claim: In the 'Online Services' section, choose 'Claim (Form-31, 19 10C & 10D).'
4. Input details: Fill in the necessary information, confirm your bank account number, and choose the appropriate form for your situation.
5. Complete the claim: Once you have filled out the form, click on ‘Validate OTP and Submit Claim Form’ to finish the process.
How to withdraw pension contribution offline?
1. Download the form: Obtain Form 10C or Form 10D from the EPFO website.
2. Fill and attach documents: Complete the form and attach self-attested copies of your identity proof, address proof, and bank account statement.
3. Submit to EPFO office: Submit the form along with the documents to your regional EPFO office.
Also Read: PPF vs VPF: Unlocking the best investment for your future
Conclusion
Understanding how to withdraw your EPF pension is crucial for financial planning post-retirement. EPS offers significant benefits, and knowing the process of withdrawal, both online and offline, ensures you can access your funds easily.
For secure and efficient management of your retirement funds, consider opening a PPF Account with Axis Bank. It offers attractive interest rates, guarantees minimal risk due to government backing, and includes tax benefits under Section 80C, making it an excellent choice for long-term savings.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
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