Employees’ Provident Fund Organization provides pension to its members after retirement, provided the member has contributed to EPFO for at least 10 years. Pension is decided on the basis of contribution. Usually this pension is received after retirement at the age of 18 years. But if an employee wants to take pension before 18 years, then he can also claim it. Employees Provident Fund Organization provides the facility to its employees to take pension between 50 to 58 years of age. However, this pension is available on the basis of certain conditions. But if you want to get more pension from EPFO, then there is a way for it. Which most people do not know. If you are a working person then understand your work.
According to the rules of EPFO, usually pension is given on completion of 18 years but if the government employee is still in service after 18 years, then he can stop his pension for 2 years i.e. till the age of 60 years and EPFO pension till the age of 60 years. Can continue his contribution to the fund. In this situation, employees get a maximum pension of 4% every year. But if an employee takes pension at the age of 59 years, then he is given a maximum pension of 4% whereas at the age of 60 years, he is given a pension at an additional rate of 8%. To calculate his pension, the pension will be calculated after 58 years. Farmers’ service and salary are also taken into account. If your age is between 50 years to 58 years then you can claim for early pension. But in this you get less EPFO pension.
The earlier you withdraw your money at the age of 58, the less will be your pension. At the rate of 4% every year.
Suppose an EPFO member decides to withdraw reduced monthly pension after the age of 56 years, then he will get 92% of the basic pension amount (100% – 2×4) i.e. he will get 8% less pension. To get early pension, you will have to fill the composite claim form and select the option of 10D for early pension.
If you are under 50 years of age
If you have completed 10 years of service and your age is less than 50 years, you cannot claim pension. In such a situation, after leaving the job, you will get only the funds deposited in EPF. Pension will be available only from the age of 58 years.
If your employment in Employees’ Provident Fund Organization is less than 10 years
If your employment in the Employee Provident Organization is less than 10 years, then you are not entitled to pension. In such a situation, you had two options: first, if you do not want to do a job, then you can withdraw the pension amount along with the EPFO amount. The second option is if you think that if you join the job again in the future, then you can take the pension scheme certificate.
In such a situation, whenever you join a new job, you can link the previous EPFO pension account to the new job through this certificate. With this, whatever deficiency is left in the 10 years of employment, you can fulfill it in the next job and at the age of 58 you can become eligible to get pension from the Employees’ Provident Fund Organisation.
