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