Employees’ Pension Scheme (EPS)—the pension contribution of Employees’ Provident Fund (EPF)—is a social security scheme. Under this scheme, employees receive a pension once they attain the age of 58 years old.

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In EPF accounts, the employees contribute 12 percent of their salaries, and an equal amount is contributed by the employers. While the entire share of the employee is contributed towards EPF, 8.33 percent of the employer’s share goes towards EPS.

So, when can individuals withdraw EPS amount?

The benefits of the scheme can be availed at the age of 58 only if the employee has provided a service for at least 10 years. It’s important to note that this does not have to be continuous service.

An individual can, however, withdraw the EPS amount even if he/she hasn’t completed 10 years of service.

Though, if the employee is currently working and has not finished 10 years of service, he/she will not be able to withdraw the EPS amount. Only once the individual leaves the company and before joining a new company, he/she can withdraw the EPS amount.

An individual who has worked for less than 6 months can apply for a scheme certificate but will not be able to withdraw EPS, according to Bankbazaar.

How much amount can be withdrawn?

Depending upon the number of years an individual has worked, only a percentage of the EPS amount can be withdrawn.

What documents are required to withdraw EPS?

In order to withdraw the EPS amount, subscribers need to put claim via Form 10C. The employees will need to have an active Universal Account Number (UAN) and the Know Your Customers (KYC) details must be linked to the UAN in order to withdraw the EPS amount online.

What are the steps to withdraw EPS amount?

When subscribers reach the age of 58 years and they have served for at least 10 years, they are eligible for pension benefits. An EPS scheme certificate is issued, which can be used to fill Form 10D for monthly pension withdrawals.

Now, if subscribers decide to withdraw pension benefit on leaving employment before being eligible for the monthly pension, he/she can withdraw the entire amount by filing Form 10C at the age of 58. In this case, he/she will not be able to receive monthly pension payments until retirement.

Subscribers can also withdraw his/her pension before meeting the age of 58 and that is known as reduced pension. This can be done at 50 years of age if he/she has already retired at this age. But the pension amount would be lower than the regular pension.

The process of claiming reduced pensions can be done only through offline mode. The pension can be claimed by the member himself or the widow/widower, major/orphan, guardian, nominee, or a dependent parent.

The member needs to furnish details like name, gender, marital status, father or spouse name and date of birth or age in the form itself, according to Paisabazaar.

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(Edited by : Ajay Vaishnav)