EPFO: The Employees’ Provident Fund Organization (EPFO) runs PF and pension schemes for the Labor Ministry for employees working in companies and organized sector. Employees deposit some part of their salary every month for PF.
Employee Pension: And the company also deposits the same amount. The share that the company deposits in PF also goes to the Employee Pension Scheme (EPS). EPFO told to whom it gives pension and to which family members.
The family also gets pension
Employees get pension through EPS. Not only the employee but also the family members get benefit from EPS. If an EPF member dies, his family i.e. wife or husband and children also get the benefit of pension, hence it is also called family pension. An EPF member is entitled to pension even after retirement and in case of total disability.
#EPFO provide different types of #pensions to its #members. Scan QR and watch video for complete information. https://t.co/4QnyVogbZp #Pension #EPF #EPS #HumHaiNa #EPFOwithYou #पीएफ #ईपीएफ #ईपीएफओ pic.twitter.com/HPQmgGDSFW
— EPFO (@socialepfo) April 19, 2024
Pension rules
To avail the benefit of pension, it is necessary for the employee to work in the same place or office continuously for 10 years. Only the company contributes to this pension scheme. This is 8.33 percent of the 12 percent contribution made by the company in PF. EPS requires 10 years of service for family pension. An employee is entitled to pension only when he has worked for 10 years, then it is considered like family pension.
Who gets pension in the family?
After the death of a member of the EPS scheme, his wife or husband gets pension. If the employee has children, then his two children also get pension till the age of 25 years. If the employee is not married then his nominee gets the pension. If there is no nominee. After the death of the employee his parents are entitled to pension.
