12% of your salary is deposited in the Employee Provident Fund (EPF), while your employer also contributes the same amount. But out of this 12%, 8.33% goes to the Employee Pension Scheme (EPS), and the remaining 3.67% is deposited in the PF account. This fund works as a security during your job and for the future.

Why is the 10-year period important?

According to EPFO ​​rules, if an employee contributes to PF for 10 consecutive years, then he becomes entitled to the Employees' Pension Scheme. After completing 10 years of service, you can claim pension benefits, but there are some conditions for this.

Do not withdraw EPS funds, otherwise, your pension rights will end

Many times employees withdraw the entire amount deposited in PF after leaving the job. This may be correct, but if you withdraw the funds deposited in EPS, then your right to get a pension ends. Keep in mind that if you do not withdraw a part of EPS, then you can claim a pension after the age of 50 years.

You can claim a pension after the age of 50 years.

If you leave the job after completing 10 years of service and your EPS funds are intact, you can claim a pension after the age of 50. However, if you wait till the age of 58, you are likely to get the full pension amount. The amount may be reduced if you claim a pension between the ages of 50 and 58.

Things to keep in mind

• If you have contributed to PF for less than 10 years, you can withdraw EPS funds.
• If you have served for more than 10 years, EPS funds cannot be withdrawn.
• If you change your job, do not forget to link your old PF account with the new account.

It is worth noting that the right use of EPF and EPS can make your retirement secure. But if you withdraw EPS funds without information, your pension plan may end. Therefore, take a decision keeping in mind the rules of EPFO ​​to avail pension benefits.