To encourage saving in its pension scheme, retirement fund body will provide 8.16% higher pension to all those subscribers opting for deferring the benefit till the age of 60 years.

 Pensioners, who defer withdrawal of pension for two years after reaching the age of 58 years could get an extra 8.16% in pension amount, the Employees' Provident Fund Organisation has said. "Members who defer the pension up to 59 years or 60 years of age without contribution will be eligible for a benefit of increase in original pension amount of four per cent in case of one completed year and 8.16% in case of two completed years," 

The members who continue to contribute to the pension till the age of 60 will also be eligible for the benefit and the contributory service after 58 years of age shall be included in calculation of pensionable service and pensionable salary, the notification said.

The benefits under the scheme will be effective from April 25 and will be given to the subscribers who are not already pensioners of EPFO and have completed at least 10 years of service on attaining the age of 58 years.

This money can be withdrawn by the subscribers at the time of retirement at the age of 58 years.

When Will You Get Your Pension

1.     Employee Pension Scheme is to secure your retirement years. It is planned in such a way that any organized sector employee should not suffer in old age for lack of pension. Therefore you can get pension only after the age of 58.

2.     If you are not in service then you can get pension before 58 years. But your age should be more than 50 years.

3.     Family of the deceased employee can get pension prematurely. In this case minimum requirement of service is only 1 month.

4.     A permanently disabled worker can also get pension bore the time limit.