look news india
EPFO members who have invested in the provident fund for 10 years or more become eligible to receive pension under the EPS scheme. However, they get this pension at the age of retirement. But if a person wants to take pension before the age of 58, is there any way for him to claim pension early? Many people have this question in their mind, but they do not know the answer. Let us tell you.
When can you apply for early pension?
If you are eligible to get pension from EPFO and your age is between 50 years to 58 years, then only you can apply for early pension. But if your age is less than 50 years then you cannot claim pension. In such a situation, after leaving the job, you will get only the amount deposited in EPF. Pension will be available from the age of 58 years. To avail the benefit of early pension, you have to fill the composite claim form and opt for Form and 10D for early pension.
How much pension will you get?
Here you should understand one more thing that the sooner you apply for pension before the age of 58, the less pension you will get. According to the rules, pension is deducted at the rate of 4 percent every year. Suppose an EPFO member decides to withdraw the reduced monthly pension at the age of 56 years, he will get 92% of the basic pension amount. You will get 8% less amount of basic pension amount due to applying two years in advance.
If contribution is less than 10 years?
If your contribution to EPFO is less than 10 years then you are not entitled to pension. In such a situation you have two options. First- If you do not want to do a job, then you can withdraw the pension amount along with the PF amount. The second option is that if you think that you will join the job again in the future, then you can take a pension scheme certificate. In such a situation, whenever you join a new job, you can link your previous pension account to the new job through this certificate. With this, the shortfall in 10 years of service can be compensated in the next job and one can become entitled to get pension at the age of retirement.