As I remember that I had read some where else perhaps in EPFO CIRCULAR/ GAZETTE notification that EPFO had announced a scheme according to which after attaining age of 58 year there is option for EMPLOYEE to avail facility of deferred withdrawal for EPS-95.For availing one year and two year deferment there was provision for 4% & 4.33% additional payment. Thus for availing pension withdrawal at age of 60 there is provision for additional 8.33% payment. Is it true also Is it financially beneficially for EMPLOYEES? For this CLAIM FORM is to submitted at age of 58 or at deferred stages?
Dear Sir ,
I would like to repeat my above question with some amendment, after completing two years from attaining age of 58 years i.e. at age of 60 years additional payment is 8.16% instead of 8.33%. For this Please refer to press release of EPFO for month of AUGUST ,2016 ( 2ndpage)
Dr. V.P. Joy, Central P.F. Commissioner while reviewing the progress of the Organisation in the month of June and July 2016 noted many important developments. These include:- EPF members now have an option to enhance their pensionary benefits. The benefits are available to those members who opt to defer their pension beyond 58 years upto 60 years of age with or without contribution after the age of 58 years. The option when exercised increases original pension by 4% in case of completion of one year and 8.16% in case of completion of 2 years after 58 years. When members opt to defer the pension with contribution, the additional contributory service after 58 years of age will be included while calculating pensionable service and pensionable salary. To opt, an EPF member must have completed atleast 10 years of pensionable service on attaining the age of 58 years.
Above are excerpt of Press Release of CPFC EPFO,Dr. V.P.JOY for the month August,2016 , however full text I have mail you on your above mentioned email id on 12/10/2017