EPFO Tips: At what age can you apply for Early Pension? What is the method of making a claim?


EPFO members who have invested in the Provident Fund for 10 years or more become eligible to receive a pension under the EPS scheme. However, they get this pension at the age of retirement. But if a person wants to take a pension before the age of 58 years, is there any way for him to claim Early Pension? 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 a 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 a pension. In such a situation, after leaving the job, you will get only the funds deposited in EPF. Pension will be available from the age of 58 years. To avail of Early Pension, you will have to fill out the Composite Claim Form and select the option of Form and 10D for Early Pension.

How much pension will you get?

Here you should understand one more thing the earlier you apply for a pension before the age of 58, the less pension you will get. According to the rules, pension is reduced at the rate of 4% 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. Due to applying two years in advance, you will get 8% less amount of the basic pension amount.


If the contribution is less than 10 years?

If your contribution to EPFO is less than 10 years, then you are not entitled to a 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 the 10 years of employment can be compensated in the next job and become entitled to receive a pension at the age of retirement.

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