If you work in a private company then this news will prove to be a boon for you. Do you know that after your PF is deducted for ten years, you become entitled to get pension. Generally, pension from EPFO is easily available at the age of 58 years, which you can easily avail.
PF employees have good luck! How much pension will you get before the age of 58?
Pension is also calculated on the basis of pensionable service of the member, due to which there will be no problem. If a person wishes, he is entitled to receive pension before or even after 58 years. For this, the option of getting annual pension is also open. You are not able to get the pension which you can get at the age of 58.
Therefore, it is important that if you are working in a private company, then you can know the rules related to EPFO very well, which will eliminate your confusion. You should not waste your time at all, which will be like a golden offer. To understand things related to pension, read the article carefully till below.
Important things related to pension
PF employees can easily know the important things related to pension, due to which there will be no problem. If the age of an employee is between 50 to 58 years, then you can claim for annual pension. In this, employees get the benefit of low pension, due to which there will be no problem.
As you withdraw money after the age of 58, your pension will be reduced by 4 percent for every year, which is very important to know. For example, if you are a PF employee and decide to withdraw the reduced monthly pension at the age of 56, then he will get 92% (100% – 2×4) of the basic pension amount.
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Apart from this, to get annual pension, EPFO member will need to fill the form. To pay annual pension, it will be necessary to select option 10D. So don't worry.
Benefit of increased pension will be available at the age of 60 years
After 58 years of service, EPFO members can defer their pension for two more years i.e. till the age of 60 years, where there will be no problem. Along with this, you can continue your contribution to the pension fund till the age of 60 years. In such a situation, the employee gets the option to take more pension.
PF employees have good luck! How much pension will you get before the age of 58?
According to the rules, after the age of 58 years, the maximum rate of pension will be 4 percent monthly and annually. At the same time, if an EPFO employee takes pension at the age of 59 years, he gets maximum pension of 4 percent, due to which there will not be any problem. After the age of 60 years, 8 percent more pension is available.