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Should I change my EPF pension?

Ramalingam Kalirajan |8093 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Sep 03, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by Sanjeev on Sep 02, 2024Hindi

Money

Sir, i have opted for epf pension from 60 yr of age, my pension is 4175 only and due extra period i am getting only 333 extra, although my normal pension for two yris approx 100000 it seems i am getting only 4 % simple interest, So please inform me whether i can change my pension or not

Ans: No, once you opt for the EPF pension, you cannot change or increase the pension amount. The pension calculation is based on the service years and average salary during the last 60 months of service. The interest is not applicable in the same way as on EPF contributions. The amount you receive is fixed and determined by the EPFO guidelines.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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.

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(My wife age is 54 years and working in a private school since more than 20 years. she is contributing to EPF from the joining. Upto MARCH 2015an amount of RS 780/- is deducted from her salary (i.e.12% of 6500 wages) & 780 by employer. From APRIL2015 an amount of RS 1800/- is deducted (i.e. 12% of 15,000 wages) & 1800 by employer. Is she eligible to get higher pension of 15,000 or not? if not how much pension she will get by 2028. By 2028 total employee contribution is 5.2 lakhs & 5.2 lakhs by employer. Total service by 2028 will be 25 years.

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I retired as Senior Manager after serving my employer since 1981 to 2011. My last basic salary was Rs. 18500. I am receiving an EPF pension of Rs. 1870 only. I came to know from my retired subordinate, whose basic salary was much less than mine, that he is receiving around Rs. 2750 as EPF pension. Kindly advise whether my pension should be more than Rs. 1870 & if so how I can get redressal for the same.

Ans: Hello;

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Obviously your junior would have had more EPS contribution then you.

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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.

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