EPS member completing his service of 10 years - how is the further pension calculated?

Dear Expert,

I have a question: Will an EPS member who has completed ten years of service and has not yet reached the age of 58 still work?

How is the further pension calculated? Is there any specific formula, or does he want to withdraw the entire amount of pension from any of the options?

Please help.

Hi,

After 9.6 years of continuous service, a Member will not be able to withdraw pension contributions but can apply for a scheme certificate only. After attaining 58 years, a Member can apply for full pension or opt for reduced pension after 50 years.

Completing 10 years of service has no direct correlation with reaching the age of 58. An employee can continue working beyond that age, provided the employer agrees. It's important to note that even after turning 58, an employee can stay in service if the employer approves. The only difference is that pension contributions will cease after 58 years, while PF contributions can still be continued.

Dear Sir,

Thank you for the update. One more thing, how do I calculate the pension after completing 10 years of service or at 58 years of age?

Please confirm if my calculation is correct: (Pension Pay * Total EPS Service / 70)

Dear Mr. Lakshmi Narayanan,

EPS members can opt for reduced pension after completing 55 years, as per the amendment. (Not after completing 50 years).

On the point that pension contributions will not continue after 58 years, it is clarified that based on the 2016 circular, the member can opt for the deferment of pension up to 60 years with or without contribution.

I am 60 years old and still contributing to the pension fund.

Regards,

Dear Mr. Srinath,

Thank you for the update. Do you have a copy of the amendment notification? If so, please share it.

Dear Dr. Kamalesh,

Thanks for the update.

Dear Raj,

The pension amount will be determined by PF Authorities.

To know the projected pension amount, respective contributing members who have completed 10 years of service can refer to the PF passbook login, where a projected pension illustration is provided.

Dear Sir,

Please find press information enhancing age for short-term EPS pension to 55 years (from 50 years).