EPF Pension: If you are an EPF subscriber, then know what are the terms and conditions to avail the benefits of EPF pension scheme.
EPF Pension Scheme: Employee Pension Scheme was started in the year 1995. This is a social security scheme. By joining this you can make your future secure. This scheme is offered by the Employees Provident Fund Organization (EPFO). Employees Provident Fund Organization provides pension facility to its EPF subscribers. Along with the subscribers, their family members and nominees also get the benefit of this facility. If you also want to take advantage of this scheme, then know what is its EPF pension eligibility.
It is necessary to work for 10 years
The benefit of EPS Pension Scheme is available only to those EPFO subscribers who have worked for 10 years and have contributed to the Employees Provident Fund Organization for 10 years. Along with this, if the age of the subscriber is more than 50 years, then he automatically becomes entitled to receive pension.
You can calculate pension in this way
If you are an EPFO subscriber and want to calculate pension through EPS scheme, then you can do this work very easily. The amount of pension depends on two things. First, for how many days have you contributed towards the pension scheme and what was your average salary 60 months before retirement.
Check this by visiting EPF website
1. For this, first of all visit the official website of EPF, epfindia.gov.in and choose the option of online service.
2. Next select the option of “EDLI & Pension Calculator”.
3. Before choosing this option, learn how to use the calculator.
4. After this, enter all the required details in EDLI & pension calculator and find out the pension amount.
Age makes difference in pension
Keep in mind that EPF subscribers are required to contribute to EPS for at least 10 years. At the same time, if you contribute for 20 years or more, you will also get the benefit of two years bonus. If you retire between the age of 50 to 58 years, then the pension amount you will get after retirement will be less because the interest on pension will be less than 4 percent. At the same time, on retirement after 58 years, till the age of 60 years, you will get 4 percent more pension rate every year.
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