EPFO: Members of Employees’ Provident Fund Organization are eligible to get the benefits related to Provident Fund (PF). The employee contributes 12 percent of the basic salary on his behalf and 12 percent from the employer’s side in the EPF account. It remains mandatory for both the employee and the employer (EMPLOYER). According to the rules of EPFO, many types of facilities are given to the EPF account holders, which also includes the pension scheme. Let us understand when an EPF account holder can claim for pension.
Regarding the benefits associated with EPFO, Income Tax and Investment Expert Jitendra Solanki says, ‘The benefit of EPFO Pension Scheme is available when the employee continues to contribute to the EPF account for at least 15 years without interruption. In fact, when the EPF account is opened, then the EPS account is also opened. Where 8.33% of the employer’s 12% contribution goes into the EPS account. Whereas 3.67% money goes into the EPS account. For this reason, when employees check EPF balance, then that money does not remain double.
Regarding the necessary changes related to EPFO pension, Amit Gupta, MD, CAG Infotech, says, “Earlier pension was available to all EPFO members but now only those who get salary of Rs 15,000 or less get pension.” That is, if a person gets monthly salary less than Rs 15,000, then he can take pension through EPFO.
how much pension will i get
Now the question is, if pension is available then how much and at what age. On this Jitendra Solanki says, ‘When the EPF account holder completes the age of 58 years, then he starts getting pension. This pension is at least Rs 1000.
