According to the EPFO, if a person dies while on the job, who is the sole breadwinner in the family and his parents are dependent, then in such cases he gets lifelong pension under the EPS 95 rule.
The PF amount deducted from your salary entitles you to pension in the coming future. The amount deducted from your salary as Provident Fund gets deposited in two accounts. In this, the first is Provident Fund ie EPF and the second is Pension Fund ie EPS. Under this deduction, there is a total deduction of 12 percent from the salary of the employee. The same amount is deposited in the employee’s EPF account by the employer company or organization.
3.67 percent of this deduction is deposited in your EPF account, while 8.33 percent of the deduction is deposited in the Employees’ Pension Scheme. The maximum amount that can be deposited in the EPS account every month is Rs 1,250.Know in which situations parents get pension?
According to the EPFO, if a person dies while on the job, who is the sole breadwinner in the family and his parents are dependent, then in such cases he gets lifelong pension under the EPS 95 rule. However, the condition in this is that at least 10 years of employment of the applicant has been completed. Also, if the employee becomes physically disabled due to any disease during the job, then the employee will also continue to get pension for life. Even if he has not completed the tenure of the job (10 years) as per the conditions.
When and how can I withdraw pension money?
If your job is more than 6 months and less than 10, then you can withdraw pension amount along with your PF amount by submitting Form 19 and 10c. But, for this, you have to apply in the PF office manually.
Will pension be available on retirement after withdrawal?
If you withdraw part of pension in case less than 10 then you will not be entitled for pension thereafter. Because of this, you cannot take advantage of pension facility for your retirement.
The conditions for pension?
Pension can be available only to those people who have joined EPS i.e. Employees Pension Scheme 1995 on or before 16 November 1995. Apart from this, it is necessary for the employee to contribute to the EPS account for at least 10 years. This contribution can be made on behalf of the employee under one employer or more than one employer.
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