How To Get 8% Extra EPS Pension? You May Try Working Around THESE Components To Get Maximum Pension Money
Here are some important EPS components you should understand to receive your pension benefits effectively.
Here are some important EPS components you should understand to receive your pension benefits effectively.
The Employees' Pension Scheme (EPS) is a social security program provided by the Employees' Provident Fund Organization (EPFO). Employees in the organized sector are eligible for a pension under the plan after they retire at age 58. Employees must know the EPS regulations to fully appreciate their pension benefits and make informed decisions.
2. EPFO provides incentives for pension claims deferral. Selecting to postpone pension claims until you are 60 years old will result in an additional 8% pension amount for each year you delay. You can perhaps increase your pension fund by making this choice, which will increase your retirement income each month.
8. If your service period is less than 10 years, you can withdraw your pension amount and PF amount if you don't want to work. If you plan to return to the job, you can take a pension scheme certificate, linking your previous pension account to the new job. This allows you to compensate for the shortfall in the 10 years of employment and become eligible for a pension at age 58.