Epfo pension scheme: Under EPS 95, members with less than 6 months of contributory service can now receive withdrawal benefits.
Under the Employees’ Pension Scheme (EPS) 1995, the rules regarding withdrawal benefits for members with less than 6 months of contributory service have undergone changes in recent years.
As per the current provisions, if an employee has contributed to the EPS for less than 6 months, they are not eligible for the pension benefits under EPS. However, they can still withdraw the contributions made to the scheme. These employees can either:
Withdraw the Pension Fund Contributions: The amount contributed by both the employee and the employer to the EPS can be withdrawn, but they will not be eligible to receive any pension benefits.
Transfer the Amount: If they change jobs, the EPS balance can be transferred to their new employer’s EPF (Employees’ Provident Fund) account to continue contributing to the pension scheme.
It’s important to note that the rules can be subject to changes from time to time. For the most up-to-date details or clarifications, members should check with the Employees’ Provident Fund Organisation (EPFO) or refer to the official circulars released by the EPFO.
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