I am 62 now. I have 10 years, 1month and 30 days total service as per EPFO records, July 01, 2007 to 31.08.2017) Am I eligible for family pension? Please help.

Ans: If your total income is Rs 9 Lakhs, the basic tax saving that you should do is through Income Tax Section 80C which allows you to save tax on contribution upto Rs 1.5 Lakhs per year which can be through a contribution of your EPF, PPF, children tuition fee, insurance premium payment, NSC etc.

If you have any health insurance (though you may not need it), then you can save under section 80D.

There is nothing else that I think you need to do for the current financial year.

For the next financial year, just use some online calculators to check if old or new tax regime is good for you. I think it will be new tax regime, where you do not need to do anything to save tax since the new tax regime itself has low tax for you.

Ans: Hello,

I understand your concern regarding the application for higher pension through the EPFO online portal. It appears that your employer has not approved the application because they believe you are not eligible for a higher pension due to your basic wages being less than or equal to Rs. 15,000.

To resolve this matter, I recommend taking the following steps:

Verify Eligibility: Double-check your basic wages and service period to ensure that you meet the eligibility criteria for the higher pension. If you believe that you are eligible, gather all relevant documents and evidence to support your claim.

Communicate with Employer: Initiate a conversation with your employer and politely inquire about the reasons for their decision. Seek clarity on their assessment of your eligibility and request them to review your application again, taking into consideration any supporting documentation you might have.

Approach EPFO: If you have already communicated with your employer but have not received a satisfactory response, you can reach out to the EPFO for further assistance. Explain the situation, provide all necessary details, and request their intervention in the matter.

Seek Legal Advice: If all other efforts prove fruitless, you may consider seeking legal advice from a labor attorney or an expert well-versed in pension and EPF matters. They can help assess your situation and guide you on the appropriate course of action.

Remember to remain calm and professional throughout the process, as it will increase the likelihood of a positive resolution. I hope this advice helps, and I wish you success in obtaining the higher pension you are seeking. If you have any further questions or concerns, please feel free to ask.

Regards,
Abhishek Shah

Ans: You can start your pension from EPF in the following circumstances:
• At the age of 58: This is the normal age of retirement for EPF members. If you have completed 10 years of service, you will be eligible to start your pension at the age of 58.
• After the age of 60: If you defer your pension beyond the age of 58, you will be eligible to receive a higher pension amount. For every year that you defer your pension, you will receive an additional 4% of your pension amount.
To start your pension from EPF, you will need to fill out Form 10D and submit it to your EPFO office. You will also need to provide proof of your age and service.

Ans: You can continue to contribute to the EPF scheme if you join a new company after availing EPF pension at the age of 58, provided that you are a full-time employee on the company’s payroll.

However, you will not be eligible to become a member of the EPS (pension) scheme again, as the EPS membership ceases once you start receiving pension after attaining the age of 58 years.

Therefore, the employer’s contribution of 8.33% that would otherwise go to the EPS will be added to your PF account instead. Hence, the total contribution of 12% employee and 12% employer will go in EPF.