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EPF - Pension Component

Knowledge resource 112 views 1 replies

CuriousMind

155 Points Joined July 2022

Dear CA Club,

Can you please help understand what happens to the 8.33% EPS ( employee pension scheme ) component of Employer's contribution towards EPF , when any private sector employee transfer the EPF from old company to new company within the same UAN ?

Where is the EPS gets accumulated and how to see the balance of EPS for employees who has worked when UAN was not implemented ?

After working for 30/35 years , is there any provision for pension for private sector employees ?

Any clarity may help lots of individuals . Thanks

Replies (1)

Student

326 Points Joined April 2012

When one transfer from one company to another only PF amt is transferred along with service details like length of service, ncp days,wages, no. of advances taken etc.Pension component is not transferred but one can get Pension from these details and other details of new service or if he withdraw in new service then he get his pension component withdrawl if he has not completed 10 yrs. Hope you get this.