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If an employee takes pension at the age of 60, then he is given pension at an additional rate of 8 percent.

New Delhi: EPFO ​​or Employees Provident Fund Organization gives pension to its members after retirement. The amount of pension depends on the contribution of the employee and the employer.

Age for EPFO ​​pension:
Usually this pension is available after retirement at the age of 58 years. However, under certain conditions a subscriber can also apply for early pension.

EPFO Pension Rules
EPFO ​​member has to contribute for at least 10 years.

How to get more pension from EPFO?
To get maximum pension, you have to hold your pension till the age of 60 instead of 58. In such a situation, the employee gets pension at an additional rate of 4 percent every year.

Pension at the age of 59
If an employee takes pension at the age of 59, he is given pension at an additional rate of 4 percent, while at the age of 60 he is given pension at an additional rate of 8 percent. To calculate the pension, pensionable service and salary for the years after 58 years are also taken into account.

Early pension between 50-58 years
You can claim early pension only if your age is between 50 and 58 years. But in this you get less pension. The sooner you withdraw your money before the age of 58, your pension will reduce by 4 percent every year.

Understand by example,
suppose an EPFO ​​​​member decides to withdraw the reduced monthly pension at the age of 56, then he will get 92 percent (100 percent - 2 × 4) of the basic pension amount i.e. he will get 8 percent less pension. To get early pension, you have to fill the composite claim form and select the options of early pension and 10D form.

What will happen if you withdraw pension before the age of 50?
If you have completed 10 years of service and your age is less than 50 years, then you cannot claim pension. In such a case, after leaving the job, you will get only the amount deposited in EPF. Pension will be available from the age of 58.