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This video explains the provisions and calculations related to early/reduced pension under employees pension scheme 1995. The scheme has a provision to provide pension on attaining 50 years at the reduced rate provided member has contributed 10 years of contribution service. This video gives details and provisions on this topic.
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EPF Early Pension | Reduced Pension | Higher Reduced Pension | How to Calculate?

The Employees Provident Fund (EPF) is a popular government-backed scheme in many countries, designed to provide financial security to employees during their retirement years. Under the EPF scheme, employees and their employers contribute a certain portion of the employee’s salary towards a retirement fund. Upon retirement, employees can opt to receive a pension from their EPF contributions.

EPF provides different options for employees to choose from when it comes to retirement benefits. These options include early pension, reduced pension, and higher reduced pension. Let’s delve deeper into what these options mean and how they can be calculated.

1. Early Pension: Early pension is an option that allows employees to start receiving their pension before the official retirement age. This is typically available to employees who meet specific conditions, such as a minimum number of years in service. The early pension is generally calculated as a reduced amount compared to the full pension that would be received at the official retirement age.

2. Reduced Pension: Reduced pension is an option for employees who choose to retire before reaching the official retirement age. This option allows employees to receive a reduced pension in exchange for an early retirement. The reduction in the pension amount typically depends on the number of years the employee retires before reaching the official retirement age.

3. Higher Reduced Pension: Higher reduced pension is a unique option provided by EPF, which allows employees to retire before the official retirement age and receive a slightly higher pension compared to the regular reduced pension. This option comes with certain conditions, such as a longer period of service or reaching a certain age.

To calculate the EPF early pension or reduced pension, certain factors such as the total number of years of contribution, the employee’s average salary, and the applicable reduction factor are considered. The reduction factor is usually determined by the number of years the employee retires before reaching the official retirement age.

Calculating the EPF early pension or reduced pension involves multiplying the reduction factor by the employee’s average salary and the number of years of contribution. The resulting amount generally represents the reduced pension that an employee would receive if they choose to retire before the official retirement age.

It’s important to note that EPF early pension or reduced pension calculations may vary from country to country and that employees should consult their EPF authorities or relevant agencies to get accurate information regarding their specific situation.

In conclusion, EPF provides various retirement options to employees, including early pension, reduced pension, and higher reduced pension. These options allow individuals to retire earlier than the official retirement age, although it entails a reduction in the pension amount. By understanding the calculation methods involved, employees can make informed decisions regarding their retirement benefits and financial future.