Pension deferment completing 58 years but still being in service
10 months ago
What is procedure to apply online for deferring pension by 2 years or more after completing 58 years but sill in service and PF contributions are ON.
A.Dear Client,
The EPFO scheme makes provisions for employees working in the organized sector for a pension after their retirement at the age of 58 years. However, the benefits of the scheme can be availed only if the employee has provided a service for at least 10 years. Member employees can defer the pension up to 60 years with the contribution. A member may defer the pension up to 59 years or 60 years of age with contribution-Contributory service after 58 years of age will be included in the calculation of pensionable service and pensionable salary, but will not be considered for determining eligibility. Before one month of attaining age of 58 years, the member should submit the option to the employer and the employer will forward the same with acceptance to the concerned EPFO Offices. Along with the benefits of counting of Pensionable service and Pensionable salary up-to the 60 years of age, the member will also get benefits on deferment of Pension @ 4% for each year beyond the age of 58 years limited up to 60 years of age and could get about an extra 8.16% in pension amount.
The EPFO scheme makes provisions for employees working in the organized sector for a pension after their retirement at the age of 58 years. However, the benefits of the scheme can be availed only if the employee has provided a service for at least 10 years. Member employees can defer the pension up to 60 years with the contribution. A member may defer the pension up to 59 years or 60 years of age with contribution-Contributory service after 58 years of age will be included in the calculation of pensionable service and pensionable salary, but will not be considered for determining eligibility. Before one month of attaining age of 58 years, the member should submit the option to the employer and the employer will forward the same with acceptance to the concerned EPFO Offices. Along with the benefits of counting of Pensionable service and Pensionable salary up-to the 60 years of age, the member will also get benefits on deferment of Pension @ 4% for each year beyond the age of 58 years limited up to 60 years of age and could get about an extra 8.16% in pension amount.
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A.Dear Client,
Your question lacks details of the kind of job, sector, field, etc that you work in and these are all details that are important to accurately answer your question.
Thank you
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