The subscribers who have completed 58 years of age will get letters from EPFO informing them about their eligibility to claim for the benefits of pension.
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8th April, 2014; NEW DELHI: The subscribers who have attained 58 years of age will be informed about their eligibility for pension by the Retirement fund body EPFO (Employees' Provident Fund Organisation) under the Employees' Pension Scheme, 1995 (EPS-95).
123 field offices of EPFO are given instructions in this regard for the avoidance of wrong contribution of subscribers towards EPS-95 after completing 58 years of their age.
The subscribers are not required to contribute towards pension scheme after attaining 58 years of age under EPS-95 scheme. They cease to be a member of the pension scheme after that.
However, a subscriber can remain a member of the EPFO's Employees Provident Fund and Employees Deposit Linked Insurance Scheme, 1976 till he retires.
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No age bar is kept for these schemes. For members to file claims of pension and PF immediately, letters and list may be generated and spread through employers. An order of EPFO's office said that there will not be any erroneous diversion of contribution into Employees' Pension Fund by following this method.
The application software used by the EPFO has the facility of generating list and letters in respect of members who have completed the age of 58 years. So, it's just a click away after digitization of the body to generate the list of such members and letters for them informing them that they need to claim pension benefits.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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