POSTED BY August 20, 2013 12:38 pm ONE COMMENTON
I am 35 yrs old & I will be completing employment with a company for 10 year on feb2014. I knew very little about the 3.67% of my Basic going into the Pension Fund. Your Article was very informative and I got to understand the Basics and the hidden truths.
I wanted clarity on few questions.
Q1. Based on Table D for EPS withdrawal – Should I attach a latest Payslip to show my last drawn salary in case if I am planning to withdraw the amount before completion of 10 years. Or will I get the amount 6500*(proportion of wages) based on the number of years.
Q2. If I completed 10 years, I believe I cannot withdraw my EPS. Instead I am eligible for Pension when I complete 58 years of age, which is another 23 years away. The Pension amount set currently Rs.3250p.m(Max) would be very meagre considering the inflation. Can the Government decide on increasing this Pension Amount during the future years? Will this then benefit me also, say if the decision is passed in another 10-15 years.
Q3. Since I complete 10 years in Employment and I get eligible for pension @ the age of 58 years. Unfortunately if I am unable to last that long, can my Family/Nominees benefit from this scheme & receive Pension before 23 years from now(I am currently 35).
Appreciate your responses. This is greatly useful to me.
Thanks & Wishing you all the Best,