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

Ans: You can only get pension under the Employees' Pension Scheme (EPS) if you have completed at least 10 years of service. However, you can still withdraw your EPF amount even if you have not completed 10 years of service. To redeem your EPF amount, you can follow these steps:

1. Merge all your previous PF accounts. This can be done online through the EPFO website or at any EPFO office.
2. Fill the Composite Claim Form (Aadhaar based) and submit it to your previous employer.
3. Attach the following documents:

•Copy of your Aadhaar card.
•Copy of your PAN card.
•Bank account statement showing your IFSC code and account number.
•Cancelled cheque from your bank account.

4. Your previous employer will verify the details and submit the form to the EPFO.
5. The EPFO will process your claim and transfer the EPF amount to your bank account.

If you have not worked for more than two months after resigning from your job, you can withdraw the entire balance in your EPF account. If you have worked for more than two months after resigning from your job, you can withdraw only 75% of the balance in your EPF account. The remaining 25% can be withdrawn after two months of unemployment.

Note – If you will continue your services in another company for next 6 month you will be eligible for the pension.

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!