If you want to get more pension from EPFO then you will have to continue your contribution to EPFO not till 58 years but till 60 years. This decision of continuing contribution for just two years can get you more pension.
This is how you will get more pension
If you want to get more pension from EPFO then you will have to continue your contribution to EPFO not till 58 years but till 60 years. This decision of continuing contribution for just two years can get you more pension.
This is the rule
According to the rule, after 58 years, you can stop your pension and contribute for the next 2 years in EPFO. If you contribute till 60, then in such a case the employee gets pension at an additional rate of 4% every year. If there are 2 more years between 58 and 60, then in such a case you get an increased pension of 8%.
If you want to take pension between 50 years to 58 years then…
If you can claim for Early Pension before 58 years, then you get less pension. The earlier you withdraw money from the age of 58, the lesser will be your pension at the rate of 4% for every year. Suppose an EPFO member decides to withdraw the reduced monthly pension at the age of 56, then he will get 92% (100% – 2×4) of the original pension amount, i.e. he will get a reduced pension of 8%. To get Early Pension, you will have to fill the Composite Claim Form and select the option of Form and 10D for Early pension.
If you are below 50 years of age
If you have completed 10 years of service and your age is less than 50 years, then you cannot claim for pension. In such a situation, after leaving the job, you will only get the fund deposited in EPF. Pension will be available from the age of 58.
If you have worked for less than 10 years
If your job tenure is less than 10 years, then you are not entitled to pension. In such a situation, you have two options. First- If you do not want to work, then you can withdraw the pension amount along with the PF amount. The second option is that if you think that you will join a job again in the future, then you can take a pension scheme certificate. In such a situation, whenever you join a new job, you can link your previous pension account to the new job through this certificate. With this, whatever is lacking in the 10-year period of job, you can complete it in the next job and become eligible to get pension at the age of 58.
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