The amount of pension is 50% of the emoluments or average emoluments whichever is beneficial. Minimum pension presently is Rs. 9000 per month….Pensioners’ Portal.

What is the pension rules for private employees?

Eligibility criteria for EPS

• Be an EPFO member.
• Complete 10 years of active service along with equal years of active contribution towards the EPF pension Scheme.
• Be 58 years or above.
• Have attained at least 50 years of age to withdraw from the EPS pension at a lower rate.

Is it too early to retire at 62?

Early retirement — retiring at 62 or before — seems like a wonderful dream to a lot of people. You’ve been in the workforce for decades. You have focused on work with the goal of enjoying the rest of your life on your own terms. But is it too early to get out of the rat race?

Is it better to retire at the beginning or end of the year?

By retiring at the beginning of a year you will receive your leave payout in a year of potentially less income, thus minimizing the taxation of the payout. (practically though, taxes are withheld the same way they were while you were at work, so the true tax benefit won’t even be realized until you file taxes the subsequent year.)

Are there any downsides to retiring so young?

2) You may second-guess yourself. When you retire young, you may find yourself questioning whether you made the right choice and regret all the money and status you forewent. I still had a mortgage to pay and was worried that I made a grave mistake. But after some time, my retirement plans grew clearer.

When do you get your state pension when you retire?

The earliest you can get your State Pension is when you reach your State Pension age. You’ll have to wait to claim your State Pension if you retire before you reach that age. The amount you’ll get depends on your National Insurance record and when you reach State Pension age.