If you are a working person, then you must also be a member of the Employees Provident Fund Organization i.e. EPFO. A part of your monthly salary is deposited every month in the EPF account, which is for your future and your retirement.
After retirement, you get the amount of the PF account in lump sum. Along with this, employees also get the benefit of pension after retirement under EPFO. This benefit of pension is available under the Employees Pension Scheme i.e. EPS scheme, which is a part of EPFO. Today we will tell you about the EPS scheme, how you can avail pension from this scheme.
How to avail the benefits of EPS scheme?
EPFO members get the benefit of EPS scheme i.e. pension when the employee has worked for at least 10 years. Under the EPS scheme, employees get pension after the age of 58 years.
Do this work to get pension under EPFO
If you have retired and want to get pension under the EPS scheme, then you have to fill Form 10D. This form is issued by EPFO, under which employees get the benefit of pension. The benefit of this pension is available only after the age of 58 years. On the death of the employee, this benefit is given to the employee’s family such as wife, children or parents.
How much pension is received under EPS?
You can easily find out how much pension you will get under EPS. For this, you have to apply this formula. Pensionable salary x pensionable service)/70. Pensionable salary is 15000. In such a situation, if your pensionable service is 20 years, then according to this, you will get a total pension of Rs 4285.
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