EPFO has changed the rules regarding pension. Now if a person works for even 1 month and contributes to EPS, he will have the right to pension.
EPFO has made a big change regarding the pension of employees . Now, people who quit their job after working for less than six months will be given the benefit of EPS. These people will no longer have to lose their contribution to their pension.
Under the EPS rules, the retirement fund raising organization earlier did not consider any service that ended within 6 months as a result of ‘zero complete year’ for getting pension and those who left the job after working for 5 months were not given the right to pension. However, now under the new rules, this right has been given in a circular issued during April-May 2024.
EPFO has clarified that if a person completes even 1 month of service and contributes under EPS, he will also be entitled to pension under EPS.
Why was this change necessary?
This change is going to provide relief to many people. Especially to BPO, logistics and contract staffing, where early exit is common. This will protect the job interests of young employees. This will prove to be very beneficial for all those who join a company for a very short period of time. Suppose if someone worked for only one month and then could not do the job, then he can get PF money, but the contribution to EPS will end. In such a situation, this rule will be beneficial for those employees.
If you are also a PF account holder, then know this,
if you have resigned within 6 months, then check your PF passbook for EPS contribution and if you have not been given your pension share, then complain to EPFO mentioning the clarification of 2024.
While applying, save a screenshot or PDF of your passbook. It has often been seen that employees with younger service were not allowed to withdraw EPS funds, due to which their contribution remained stuck there, but this change of EPFO has given this right to these people as well.
