In the last 2 years, many families have lost their loved ones due to Corona. Some got separated from their mother, some lost their parents and some parents lost their children.
Only those who have lost their loved ones can understand the pain of losing their loved ones. In such a situation, this misery becomes more like a mountain when his financial condition deteriorates. There are many such families in the country where he died. The one who was the only earner in the house.
If there is none of the husband and wife, then a member is taking care of his children, but there are many elderly parents from whom Corona took away their child from them who was the sole bread earner in their house. One, the grief of losing a child and the deteriorating financial condition from above has made them face many difficulties in life.
In such a situation, EPFO stands firmly with those elderly people and is giving them financial help in the form of pension. According to EPFO, such parents will get lifelong pension whose employed children are no longer in this world.Let’s know what are the terms and conditions of this pension –
How to get pension in this scheme
This pension scheme is called EPS. This scheme was started in the year 1995. According to this, if a person dies during the period of service and his parents are dependent on his earnings, then the parents will get pension for life as per EPS-95 rule but in this condition that the person has completed 10 years of his job. Have completed the year. If an employee becomes physically disabled while on the job, then he will also get lifelong pension according to this scheme. Even if he has not completed 10 years of service.
How much has to be deposited to take advantage of the scheme
- 12 percent of the basic salary and dearness allowance of the employee is deposited in the PF account.
The company also deposits 12 percent in the PF account of the employee.
When the employee retires, he gets all the money from his fund along with interest. - The employee’s 12 percent money is directly deposited in his EPF account.
At the same time, the company divides its 12 percent share into two parts, one of which deposits 3.67 in EPF and 8.33 in EPS. - This scheme is very important for those people whose parent’s child has died due to some reason. Those parents were dependent only on his income. EPFO will give lifelong pension to such people, subject to the condition that the person who died has completed 10 years of his service.
