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I am 61 and haven't applied for pension. Should I apply now or continue working?

Milind

Milind Vadjikar  |971 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Dec 02, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Veerander Question by Veerander on Dec 01, 2024Hindi
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Money

Sir I am now 61 years old and I had not applied for pension as I am still in job in the same company and both contribution are still in running but no family pension is now not been debited from my account.i want to clear what should I do.should I continue inthe same way.or to withdraw my money from epf account . also want to clear should I apply for pension or continue the service.

Ans: Hello;

EPS scheme stops at 58 years of age and you may opt for deferred pension for two years i.e. upto 60 age.

Then you are supposed to get pension by submitting form 10 (D).

EPF contribution can continue till such time as you keep working.

In this case both employer as well as employee contribution go to EPF.

Opt for pension and continue in service till the time you want.

Best wishes;
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Hello Sir, the retirement age in my company is 60 years .At the moment I am 59 years old and retiring after 2 months I have epfo account and the company is depositing every month contribution to pf account and pension account. I want to know that the pension contribution deposited is ok or it should have been stopped after i attained the age of 58 years. What steps should i take if it should have been stopped after i attained the age of 58 years as i am about to retire soon. will it be possible to withdraw pf amount or my claim will be rejected as contribution to pension account has been continued even after i attained 58 years of age
Ans: Hello! Let’s address your concerns regarding your EPF (Employees’ Provident Fund) pension contribution. Here are some important points to consider:

Employee Pension Scheme (EPS):
EPS is a component of the EPF system that provides pension benefits to employees.
Both you and your employer contribute to the EPF account, with a portion specifically allocated to the EPS.
Retirement Age and Pension Contribution:
The retirement age in your company is 60 years.
As per the EPF Act, any individual who retires after completing their service can receive the pension amount by following the proper procedure.
The pension contribution continues until retirement, even if you have crossed the age of 58.
Withdrawal Options:
After retirement, you have the following options:
Full Withdrawal: You can withdraw the entire sum from your EPF account, including both the EPF and EPS contributions.
Monthly Pension: If you have worked for at least ten years and reached 50 years of age, you are eligible for a reduced monthly pension. The pension rate decreases by 4% every year until you reach 50.
Partial Withdrawal: If you have served for less than ten years but more than six months, you can withdraw your pension contribution. Additionally, if you have been unemployed for approximately two months, you can withdraw it.
No Monthly Pension: In some cases, individuals reach the retirement age of 58 but have not served for ten years or more (e.g., joining the organized sector after age 48). While you won’t receive monthly payments, you can still withdraw the entire amount from your EPS account in a single payment.
Documents Required for Withdrawal:
To withdraw the pension contribution, you’ll need the following documents:
Address proof
Bank account statement
Two revenue stamps
Identity proof
EPF Withdrawal Limitations:
There are certain limitations if you want to take money out of your EPF account before retirement. For specific situations (such as a wedding ceremony or medical emergency), you can withdraw a portion of your EPF corpus1.
Next Steps:
As you approach retirement, ensure that you have the necessary documents ready.
Contact your company’s HR or the EPFO office for guidance on the withdrawal process.
Remember that the pension contribution continuing beyond age 58 is standard practice, and it won’t affect your eligibility for withdrawal.
Wishing you a smooth transition into retirement!

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Ans: Dear Nibedita,
What is important to you and what helps you grow professionally and personally must be looked at? Constraints are always going to play a role BUT working around it may help you make a decision. If professionally you are going to grow into the role and for this you need to work around things for the time being, then you must do just that. But in all this, do factor that you have a daughter who is still young and will need your presence a lot; physically and emotionally.
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Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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