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: 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: Since you've contributed to the Employees' Provident Fund (EPF) for 9 years in your previous organization, you may be eligible for a pension under the Employees' Pension Scheme (EPS) managed by the Employees' Provident Fund Organization (EPFO).

The eligibility for pension under EPS is based on the number of years of service and the average monthly salary during the contributory period. To qualify for a pension, you typically need to have completed at least 10 years of eligible service. However, there are certain exceptions and provisions for early pension eligibility under specific circumstances.

Given that you have contributed to EPF for 9 years, you may consider exploring options to complete the required 10 years of service, either by contributing voluntarily to EPF or by transferring your EPF accumulations from your previous organization to your current one, if feasible.

It's advisable to reach out to the EPFO or consult with a financial advisor to understand your specific eligibility for pension under EPS and explore potential options to fulfill the requisite service period. They can provide personalized guidance based on your individual circumstances and help you navigate the process effectively.

Ans: Early Pension from EPFO at 50? Let's explore your options.
Thinking about early pension? That's a big decision! Here's what you need to know about the EPFO and early pension:

Eligibility for Early Pension:

The Employees' Provident Fund Organisation (EPFO) allows early pension, but there's a catch!

You can withdraw your EPF corpus and claim a reduced pension if:

You are at least 50 years old.
You have completed 10 years of service.
Reduced Pension:

Choosing early pension before the standard retirement age of 58 means a lower pension amount.

Your pension is calculated based on your salary and service period. With early withdrawal, the calculation considers fewer years, reducing the final pension amount.

Are you unemployed?

Being unemployed doesn't affect your eligibility for early pension if you meet the service requirement (10 years).

Before you decide:

Early pension reduces your monthly income. Consider your financial needs and other retirement savings.
A lower pension can impact your long-term financial security.
Consulting a Certified Financial Planner (CFP) can help:

They can assess your situation and recommend the best course of action based on your goals and financial health.
They can help you understand the impact of early pension on your retirement income.
Remember:

Early pension is an option, but it comes with reduced benefits.
Careful planning is crucial to ensure a comfortable retirement.
I hope this helps!

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: Certainly! Let’s address your queries regarding the Employees’ Pension Scheme (EPS) and the process for pension withdrawal:

EPS Withdrawal After 10 Years of Service:
If you have completed less than 10 years of service or have attained the age of 58 years (whichever is earlier), you are eligible for lump-sum withdrawal from your EPS account.
However, if you have completed 10 or more years of service, you cannot withdraw the EPS amount. Instead, you can opt for a Scheme Certificate by filling Form 10C along with the Composite Claim Form (Aadhaar or Non-Aadhaar).
The Scheme Certificate allows you to transfer your pension benefits if you join another employment later.
Pension will be paid to you after attaining the age of 58 years123.
Filing Form 10D for Immediate Pension:
To receive pension immediately after retirement, you need to fill Form 10D.
Unfortunately, Form 10D cannot be filed online. You’ll need to submit it physically to the EPFO Office.
Submission of Form 10D:
After your retirement, submit Form 10D to the EPFO Office to initiate the process of receiving pension.
Ensure that you complete all necessary documentation accurately.
Interest on EPF Account:
Until you decide to withdraw your EPF amount, it continues to earn interest.
As of now, the interest rate is determined by the EPFO and is subject to change periodically.
Since you are retiring on 30th April 2024, you can continue earning interest until you decide to claim your EPF.
Claiming EPF Account After Maximum Extended Period:
After the maximum extended period (usually 3 years of inactivity), you can still apply for EPF withdrawal.
While the process may not be available online, you can submit the necessary forms physically to the EPFO Office.
Remember to consult with your employer or the EPFO directly for any specific details related to your individual case. Best wishes for your retirement!