EPFO will inform subscribers to claim pension at 58

Tags: EPFO, News
Retirement fund body EPFO will inform its subscribers on their attaining the age of

RELATED ARTICLES

58 years that they are eligible for pension under the Employees' Pension Scheme, 1995 (EPS-95).

The Employees' Provident Fund Organisation (EPFO) has given instructions in this regard to its 123 field offices, in order to avoid erroneous contribution by subscribers towards EPS-95 after attaining the age of 58 years.

Under EPS-95 scheme, a subscriber ceases to be a member of the pension scheme on attaining the age of 58 years and they are not required to contribute towards pension scheme.

However, one can continue to be a subscriber to EPFO's Employees Provident Fund and Employees Deposit Linked Insurance Scheme, 1976 till one retires.

There is no age bar for these schemes.

"List and letters may be generated and given through employers so that the members may file (pension and PF) claims immediately. This will also help in ensuring that after attaining the age of 58 years, no erroneous diversion of contribution into Employees' Pension Fund takes place," an EPFO's office order said.

According to the circular, the facility to generate list and letters in respect of members who have attained the age of 58 years is available in the application software used by the EPFO.

Therefore generating list of such members and letters for them informing that they have attained the age of 58 and need to claim pension benefits, is just a click away after massive digitization of the body.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • It will take at least 4 more quarters for corporate bottomlines to turn around

    Aggregate numbers from corporate results in the June quarter of 2014-15 are hardly different from the previous six quarters, with no positive surprise

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Dealing with a sin called insensitivity

Rage and the notion of being above the law — ...

Kuruvilla Pandikattu SJ

India’s greatest gift to the world

What we hear most often about India these days is ...

Gautam Gupta

Why must innerwear be our best kept secret?

While women’s outerwear rules the marketing roost in India, unfortunately, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture