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PF Subscribers Who Withdraw Late Will Get 4-8% Higher EPS Pension


Posted on October 01 2020

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Pensioners postponing the withdrawal of pension for two after becoming 58 could get an extra 8.16% in the pension amount, the Employment Provident Fund Organisation.
 
The measure can be benefited by 40 lakh subscribers of the Employment Pension Scheme, along with the help of the government to reduce the inadequacy in the pension fund. Recently, the retirement fund body notified that the benefit of 4% increased in the pension for every year on the postponing the withdrawal of pension after reaching an age of 58, but it cannot be postponed later to 60 years.
 
Members who postponed the withdrawal of the pension till 59 years or 60 years of age without the contribution will be qualified for a benefit of 4% increase in the original pension amount in the completion of one year and 8.16% for the completion of two years as notified by EPFO.
 
The members who continued to contribute to the pension till the age of 60 years and will also be qualified for the benefit and related services after the age of 58 years, as per the notification it includes the calculation of pensionable service and pensionable salary.
 
 
 
 
 
The benefits of this scheme will be efficient from the 25th of April and will be given to the subscribers who are not the pensioners of EPFO and have completed at least 10 years of service on attaining the age of 58 years.
 
Under the Employees Provident Fund Scheme, 1952, out of the employer’s contribution of 12 % matches with the employees shares, 8.33% every month goes to the Employees Pension Fund within 15 days of the close of every month while the central government contribute 1.16%.
 
This money can be withdrawn by subscribers at the time of retirement at the age of 58.
 
Earlier, the EPFO had launched its e-samiksha portal, which is a web based monitoring tool aimed at reviewing the performance of the organisation.
 
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
 
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.
 

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