EPS pension deferment by two years provides 8% addional pension benefit. e.g if some one is entitled for pension say Rs 2000 per month at the age of superanuaiton i.e 58 years and pension deferment is applied for 2 years, one will get addtional penson 8 percent of 2000 which is Rs 160 permoth. So instead of getting pension Rs 2000, one will get pension Rs 2160 in case pension is deferred by 2 years from age 58 to 60 years. However there is kind of catch of hidden issue here. Suppose one do not go for penson deferment but accumulates 2 year pension from 58 year to 60 year in Bank. And then applies for Fixed deposit of Rs 2000* 2year which is 48000, one will start earning interset around 6 percent of 48000 per anum which is around Rs 240 per month. Now compare above two cases. For pension deferment by two year, one gets only Rs 120 extra pension and also losses Rs 48000 which one will never get back. But in case of Bank FD started after 2 year, one get more money Rs 240 and also keeps Rs 48000 in their own account. So pension deferment schemet by EPF is faulty resulting in moentary losse. Unfortunately i was not aware of this and applied for pension deferment and started getting pension also. My question is: Can i with draw or Cancel my pension deferment to get pension arrear of 2 years from age 58 years to age 60 years. Is it possible. Whiat is procedure to do this.
From India, Bengaluru
From India, Bengaluru
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EPS - Form No. 10-D Pension Claim Form Aadhaar.pdf
EPFO-EPS-FUNCTI ONS & BENEFITS.docx