Dear Members,
One of my enterprising employees has brought out an EPFO letter "Pension-I/L&D/17(4)2016/pt." dated 10 Jun 2016 and Gazette Notification "G.S.R 440(E) dated 25 Apr 2016" regarding the grant of a 4% increase in pension for each year after the age of 58 up to 60 years (attached).
Gist of the Gazette Notification
a) A member can defer pension up to 59 or 60 years "WITH CONTRIBUTION," in which case he gets a 4% increase in pension for one completed year and an 8.16% increase in pension for two completed years.
b) A member can defer pension WITHOUT CONTRIBUTION.
Is this still valid/implemented by EPFO, or has there been any reversal of this notification?
Has anyone done this for any employee?
This person is keen to opt for deferment till 60 with contribution (our retirement age is 60). Will he run into any withdrawal/pension issues if he opts for this? There is often a slip between the cup and the lip when it comes to EPFO, so I am a bit apprehensive for him!
Thanks in advance.
Regards,
Arun
From India, Kochi
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47One of my enterprising employees has brought out an EPFO letter "Pension-I/L&D/17(4)2016/pt." dated 10 Jun 2016 and Gazette Notification "G.S.R 440(E) dated 25 Apr 2016" regarding the grant of a 4% increase in pension for each year after the age of 58 up to 60 years (attached).
Gist of the Gazette Notification
a) A member can defer pension up to 59 or 60 years "WITH CONTRIBUTION," in which case he gets a 4% increase in pension for one completed year and an 8.16% increase in pension for two completed years.
b) A member can defer pension WITHOUT CONTRIBUTION.
Is this still valid/implemented by EPFO, or has there been any reversal of this notification?
Has anyone done this for any employee?
This person is keen to opt for deferment till 60 with contribution (our retirement age is 60). Will he run into any withdrawal/pension issues if he opts for this? There is often a slip between the cup and the lip when it comes to EPFO, so I am a bit apprehensive for him!
Thanks in advance.
Regards,
Arun
From India, Kochi
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EPFO Family Pension notification.pd f
EPS.DETAILS OF PENSION SCHEME.docx