Importance of Transferring EPS Service History After Job Change
Withdrawn your entire EPF balance after a job switch? You may still need to transfer service history to protect your pension under EPS 95
Image: The Economic Times
Employees changing jobs often withdraw their EPF balance, neglecting to transfer their EPS service history, which is crucial for future pension benefits under the Employees' Pension Scheme (EPS) 1995. Even with a zero EPF balance, transferring EPS records is essential to avoid gaps in pensionable service and ensure maximum pension eligibility.
- 01Employees must transfer their EPS service history even after withdrawing their EPF balance to avoid gaps in pensionable service.
- 02A minimum of 10 years of eligible service is required under EPS to qualify for a monthly pension.
- 03The EPS service record remains tied to the old member ID and must be transferred separately.
- 04Form 13 can be submitted online through the EPFO portal to facilitate the transfer of EPS service history.
- 05Common mistakes in the transfer process include incorrect personal details and outdated exit dates, which can delay or block the transfer.
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When employees switch jobs, they often withdraw their Employees’ Provident Fund (EPF) balance, mistakenly believing that this completes the process. However, it is critical to also transfer the Employees' Pension Scheme (EPS) service history to ensure future pension benefits under the EPS 1995 scheme. Even if the EPF balance is zero, the EPS service record must be transferred to avoid gaps in pensionable service, which can significantly impact the pension amount received upon retirement. Employees can initiate this transfer by submitting Form 13 online via the EPFO member portal, linking their previous service history to their current account. It is essential to verify personal details and ensure that the exit date from the previous employer is updated to avoid delays. Regularly checking the service history through the EPFO portal can help employees maintain a complete record of their service periods, safeguarding their pension benefits.
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Failure to transfer EPS records can lead to reduced pension benefits for employees.
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