Home > Money > Question
Need Expert Advice?Our Gurus Can Help

60-Year-Old Reader Pradeep Jain Asks About Deferred Pension and Pension Benefits - Is He Eligible?

Milind

Milind Vadjikar  |599 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 16, 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
Pradeep Question by Pradeep on Sep 15, 2024Hindi
Listen
Money

I have completed 60 years on 27July2024. Still working . I have made contribution in EPF and EPS till 60years. Now from August'24 whole contribution of Employers and Employees i.e. 24% deposited in EPF. My query is that at the age of 58years and 11 month , I was not aware hence not opt the facility of Deferred Pension with EPS contribution . Now what is the procedure for delay condone to avail this option . Secondly will I be eligible to avail the benefits of 4+4% and extended period of service will be considered for the calculation of Pension. With best regards, Pradeep Jain

Ans: When an employee crosses 58 years of age and is in service, EPS membership ceases on completion
of 58 years. The Pension Contribution by employer @8.33% is added to the Employer Share of EPF.

If you have the proofs of contribution to EPS beyond 58 years you may take it up with the assigned EPFO Jt Commissioner for delayed deferment intimation to be considered and get the deferment benefit of 4+4% and extended EPS contribution for pension eligibility.

If required please seek help from an expert in labour/EPF laws
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.
Money

You may like to see similar questions and answers below

R P

R P Yadav  | Answer  |Ask -

HR, Workspace Expert - Answered on Feb 29, 2024

Listen
Money
Sir thank you for your prompt reply. I have the following queries: 1. As I have completed 10 years of service, can I still withdraw complete EPS amount. 2. For getting pension immediately after retirement as I understand I need to fill form 10D. Can this form be filed online also. 3. After I retire when should I submit the form 10D to EPFO Office to start getting pension. 4. I would be retiring on 30th April 2024 so for how many years can I earn interest on my EPF Account without withdrawing it and what would be my last date by which I should apply for the claim. 5. While applying for the EPF Account after the maximum extended period possible can I apply for the claim online. Thanking you in advance.
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!

..Read more

Latest Questions
Milind

Milind Vadjikar  |599 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Nov 09, 2024

Asked by Anonymous - Nov 09, 2024Hindi
Listen
Prof Suvasish

Prof Suvasish Mukhopadhyay  |36 Answers  |Ask -

Career Counsellor - Answered on Nov 09, 2024

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.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x