Below steps can be followed to register yourself with MSPS
When a member resigns from his employment in order to claim his balance with MSPS, the below mentioned steps should be followed.
a. In the event an employee is resigning from the Company, the employer should send a letter to MSPS with details pertaining to past contribution inclusive of all bank details and effective date of resignation.
b. MSPS will compute the amount payable to the employee subject to the Rules and credit the amount to the given bank account and confirmation will be sent to the contributor.
A significant advantage that accrues to a member of the MSPS as compared to the state run provident funds is that a member is able to draw up to 75% of the last audited member balance as a loan for the purchase or construction of a house. A member reaching fifty years of age is also entitled to draw as a loan up to 75% of his balance. The following procedure needs to be followed when obtaining a loan.
authorized by the employer.
and sent to MSPS.