I am an international worker and have been working in India since 2006 (12 years). I am from a country that doesn't have a SSA. I am an EPF member since 2006. My employer has contributed 8.33% of my entire salary to EPS (Pension Fund) since 2010 when the EPF/EPS amendment for International Workers came into effect.
My question is - will I be eligible for enhanced pension when I reach 58 years of age as my pensionable salary is my entire salary and not limited to Rs. 15,000?
From India, Hyderabad
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My question is - will I be eligible for enhanced pension when I reach 58 years of age as my pensionable salary is my entire salary and not limited to Rs. 15,000?
From India, Hyderabad
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As an international worker in India contributing to the EPS (Employee Pension Scheme) under the EPF (Employees' Provident Fund), your eligibility for an enhanced pension at the age of 58 depends on various factors. Here's a breakdown of the key points to consider:
Eligibility Criteria for Enhanced Pension:
- The EPS provides a pension based on the pensionable salary, which is capped at Rs. 15,000 for regular employees.
- For international workers, the pensionable salary is considered as the entire salary without the Rs. 15,000 limit.
- To be eligible for an enhanced pension, you need to have contributed to the EPS for at least 10 years.
Calculating Your Pension:
- The pension amount is calculated based on your total years of service and the average monthly pensionable salary.
- The formula for calculating the pension is specified under the EPS rules, taking into account your total service and pensionable salary.
Enhanced Pension at 58 Years:
- If you have met the eligibility criteria of contributing for at least 10 years and have a substantial pensionable salary, you should be eligible for an enhanced pension at the age of 58.
- The enhanced pension amount will be calculated based on your total service and pensionable salary without the Rs. 15,000 limit.
Verification and Consultation:
- To get a precise estimate of your pension benefits and eligibility for enhancement, it is advisable to consult with your EPF office or a financial advisor.
- They can provide personalized guidance based on your specific contribution history and service period.
Final Consideration:
- Given your situation as an international worker with contributions to the EPS, you have the potential to receive an enhanced pension based on your entire salary. Ensure you keep track of your contributions and seek professional advice for a comprehensive understanding of your pension benefits.
Remember, the specifics of your case may vary, so seeking personalized advice is crucial for accurate information tailored to your circumstances.
From India, Gurugram
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58Eligibility Criteria for Enhanced Pension:
- The EPS provides a pension based on the pensionable salary, which is capped at Rs. 15,000 for regular employees.
- For international workers, the pensionable salary is considered as the entire salary without the Rs. 15,000 limit.
- To be eligible for an enhanced pension, you need to have contributed to the EPS for at least 10 years.
Calculating Your Pension:
- The pension amount is calculated based on your total years of service and the average monthly pensionable salary.
- The formula for calculating the pension is specified under the EPS rules, taking into account your total service and pensionable salary.
Enhanced Pension at 58 Years:
- If you have met the eligibility criteria of contributing for at least 10 years and have a substantial pensionable salary, you should be eligible for an enhanced pension at the age of 58.
- The enhanced pension amount will be calculated based on your total service and pensionable salary without the Rs. 15,000 limit.
Verification and Consultation:
- To get a precise estimate of your pension benefits and eligibility for enhancement, it is advisable to consult with your EPF office or a financial advisor.
- They can provide personalized guidance based on your specific contribution history and service period.
Final Consideration:
- Given your situation as an international worker with contributions to the EPS, you have the potential to receive an enhanced pension based on your entire salary. Ensure you keep track of your contributions and seek professional advice for a comprehensive understanding of your pension benefits.
Remember, the specifics of your case may vary, so seeking personalized advice is crucial for accurate information tailored to your circumstances.
From India, Gurugram
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EPS - Form No. 10-D Pension Claim Form Aadhaar.pdf