Under the Employee Pension Scheme 1995, the employee is eligible to withdraw the amount contributed to the Employee’s Pension Scheme, until such employee completes 10 years of service with such employer, after which the employee will receive pension under the Employees’ Pension Scheme, only upon attaining the age of superannuation (58 years of age) or in the event of death or permanent disability of the employee. However, in May of 2016, the Central Government amended the said scheme and provided an option to the employee, wherein he/she may defer the receipt of such pension until attaining the age of 60, in which case such employee’s basic wages must be increased by 4% every year between the ages of 58 and 60, subject to a maximum increase of INR 600 per month.
India