Difference in EPS (Pension Contribution) amount settled compared to that in passbook

Hey Neeraj! About the EPS withdrawal discrepancy you mentioned — here’s a quick explanation:

Why is the withdrawn EPS amount less than the EPS contribution shown in passbook?

• The EPS (Employees' Pension Scheme) amount credited in the passbook (Rs. 51,264) is not fully withdrawable as lump sum.

• The actual withdrawable amount under EPS (Form 10C) is calculated based on a formula considering years of service, average salary, and certain factors prescribed by EPFO.

• EPS is mainly for pension benefits, so only a part of the EPS contribution is payable as a lump sum if the employee hasn't completed 10 years of service.

• The difference (Rs. 15,873 in your case) is likely the non-withdrawable portion which will contribute to future pension benefits once the employee completes 58 years or opts for pension.

Additional points:

• Employee Share and Employer Share in your passbook include both EPS and EPF contributions; only the employer's EPS portion is relevant here (Rs. 51,264).

• The Employee Share and Employer Share to EPF account is fully withdrawable on resignation after 2 months (if not joining another job with EPF).

• EPS withdrawal under Form 10C depends on years of service: less than 10 years = partial withdrawal, more than 10 years = pension eligibility.

So, in summary:

• You cannot withdraw the entire EPS contribution shown in passbook.

• The difference amount stays in the EPS account for pension calculation.

• The settled amount Rs. 35,391 is as per EPFO rules for premature EPS withdrawal.