Should I contribute to Upstox for pension at 60, even though I've already contributed up to 58?

Ans: You are asking about EPS (Employee Pension Scheme) and contributing till age 60, while pension is allowed only up to age 58.

This is a very common confusion.

Pension Under EPS Is Payable From 58 Years
EPS gives monthly pension after 58 years.

You must have completed at least 10 years of service.

From 58 years, you can start monthly pension under EPS.

This is not automatic. You have to apply through your employer or EPFO.

What Happens If You Work Till Age 60?
EPS allows voluntary contribution up to age 60.

This is called deferred pension.

If you delay pension from age 58 to 60, you get a bonus.

Bonus is 4% extra pension for each deferred year.

So, 8% more pension if you start at 60 instead of 58.

What You Should Do
If you plan to work till 60, you can continue EPS till then.

You will contribute 12% EPF as usual. Employer’s share will go to EPF + EPS.

When you retire at 60, apply for Form 10D to start pension.

You will get 8% higher pension than normal.

If You Don’t Want to Wait Till 60
You can still start pension at 58.

Just inform EPFO that you want to begin EPS from 58.

No bonus in that case. But you get pension earlier.

Important Reminders
EPS amount is fixed, based on salary and service years.

EPS is not linked to EPF balance or mutual fund returns.

Maximum EPS pension is usually around Rs 7,500/month, unless you opted for higher pension.

You cannot withdraw EPS corpus — only monthly pension allowed.

What Is “Higher Pension”?
EPFO recently gave an option to opt for higher pension.

That means, full employer contribution (8.33%) goes to EPS, not capped at Rs 15,000 salary.

You must apply before the deadline.

It gives more pension, but reduces EPF balance.

If you haven’t applied for higher pension, your EPS will be based on Rs 15,000 salary cap.

Final Insights
EPS pension starts from 58 years, not automatically. You must apply.

You can defer to 60 for 8% extra pension.

Contribution can continue till 60 if you keep working.

Higher pension option may be useful if your salary was above Rs 15,000 for long.

Talk to your employer’s HR or visit EPFO portal to check your service record and eligibility.

Your next step should be to decide whether you want to defer EPS or not.

Then, plan how to combine EPF, EPS, and other investments for retirement income.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment