te Big decision by EPFO! Provident Fund regulator launches this facility for EPS subscribers on Umang App | Zee Business

Big decision by EPFO! Provident Fund regulator launches this facility for EPS subscribers on Umang App

EPFO or Employees' Provident Fund Organisation facility launched at Umang App will help EPS account holders to withdraw their EPS contribution without discontinuing their EPFO membership.

Big decision by EPFO! Provident Fund regulator launches this facility for EPS subscribers on Umang App
The facility will enable EPS account holders to avail of pension benefits even after going for their EPS withdrawal. Photo: Pixabay/Twitter

EPFO or Employees' Provident Fund Organisation has launched a new facility on Umang App for Employees' Pension Scheme (EPS) subscribers. This EPFO facility will enable EPS account holders to apply for the Scheme Certificate under Employees’ Pension Scheme 1995 or EPS 1995. The Ministry of Labour & Employment informed about the decision in a written press statement and said that the facility will help EPS account holders to withdraw their EPS contribution without discontinuing their EPFO membership. The facility will enable EPS account holders to avail of pension benefits even after going for their EPS withdrawal.

In regard to the EPFO facility launch on the Umang App for EPS subscribers the Ministry of Labour & Employment siad, “Adding to the 16 services already on the Umang App, EPFO has now started another facility enabling EPS members to apply for Scheme Certificate under Employees’ Pension Scheme, 1995,” adding, "The Unified Mobile Application for New-age Governance (UMANG) has been a big hit among EPF subscribers enabling them to access services during COVID-19 pandemic from the comfort of their homes in a hassle free manner.”

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The Ministry of Labour & Employment went on to add that the scheme certificate is issued to members who withdraw their EPF contribution but wish to retain their membership with EPFO, to avail pension benefits on attainment of retirement age.

An EPF subscriber becomes eligible for pension only if he has been, cumulatively, a member of the Employees’ Pension Scheme, 1995 for at least 10 years. Upon joining a new job, scheme certificate ensures that previous pensionable service is added to pensionable service rendered with the new employer thereby, increasing the amount of pension benefits.

Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Wed, Sep 30, 2020
12:39 pm
New Delhi, ZeeBiz WebDesk
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