A smart decision will get you more pension from EPFO, half of India does not know this connection between age and income.

If you are an EPFO ​​member, then you will know that members who contribute continuously for 10 years in EPS become entitled to a pension after retirement. Pension is decided based on the total duration of the job and contribution to EPS. This pension can be started from the age of 50 to 58 years. The sooner you claim for a pension, the more loss you will suffer because the pension will be less. But there is also a way to get more pensions from EPFO, about which many people are not aware. If you want to get more benefits, then understand this method.

If you want to get more pension from EPFO, then you will have to continue your contribution in EPFO ​​​​not till 58 years, but till 60 years. This decision of continuing contribution for just two years can get you more pension.

According to the rules, in EPFO, after 58 years, you can stop your pension and contribute for the next 2 years. If you contribute till 60, then the employee gets a pension at an additional rate of 4% every year. If there are 2 more years between 58 and 60, then you get an increased pension of 8%.

If you can claim for Early Pension before 58 years, then you get less pension. The earlier you withdraw money from the age of 58, you will get a reduced pension at the rate of 4% for every year. Suppose an EPFO ​​member decides to withdraw the reduced monthly pension at the age of 56, then he will get 92% (100% – 2×4) of the basic pension amount, that is, he will get a reduced pension of 8%. To get Early Pension, you have to fill the Composite Claim Form and select the option of Form and 10D for Early pension.

If you have completed 10 years of service and your age is less than 50 years, then you cannot claim for pension. In such a situation, after leaving the job, you will only get the funds deposited in EPF. Pension will be available from the age of 58 years.

If your job period 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 the 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 the previous pension account to the new job through this certificate. With this, whatever is lacking in the 10-year period of job, you can complete it in the next job and become eligible to get pension at the age of 58.