Dear Members,
One of my enterprising employee has brought out one 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 grant of 4% increase in pension for each year after age of 58 up to 60 years (attached).
The gist of the Gazette Notification is as follows:
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 & 8.16% increase in pension for two completed years.
b) 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 slips between cup & the lip when it comes to EPFO, so I am a bit apprehensive for him!!)
Thanks in advance
Regards
Arun
From India, Kochi
45One of my enterprising employee has brought out one 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 grant of 4% increase in pension for each year after age of 58 up to 60 years (attached).
The gist of the Gazette Notification is as follows:
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 & 8.16% increase in pension for two completed years.
b) 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 slips between cup & 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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