Retirement fund body EPFO will inform its subscribers on their attaining the age of 58 years that they are eligible for pension under the Employees’ Pension Scheme, 1995 (EPS—95).
The Employees’ Provident Fund Organisation (EPFO) has given instructions in this regard to its 123 field offices, in order to avoid erroneous contribution by subscribers towards EPS—95 after attaining the age of 58 years.
Under EPS—95 scheme, a subscriber ceases to be a member of the pension scheme on attaining the age of 58 years and they are not required to contribute towards pension scheme.
However, one can continue to be a subscriber to EPFO’s Employees Provident Fund and Employees Deposit Linked Insurance Scheme, 1976 till one retires.
There is no age bar for these schemes.
“List and letters may be generated and given through employers so that the members may file (pension and PF) claims immediately. This will also help in ensuring that after attaining the age of 58 years, no erroneous diversion of contribution into Employees’ Pension Fund takes place,” an EPFO’s office order said.
According to the circular, the facility to generate list and letters in respect of members who have attained the age of 58 years is available in the application software used by the EPFO.
Therefore generating list of such members and letters for them informing that they have attained the age of 58 and need to claim pension benefits, is just a click away after massive digitization of the body.