Employee Pension Scheme (EPS) benefits can be availed only if the employee has served for at least 10 years. However, this does not necessarily mean that the service is continuous.
Pension is the greatest support of old age for any person. Many schemes are also run by the government for pension.
For example, under Atal Pension Yojana, you can secure the future by depositing a nominal amount. However, there is also an Employee Pension Scheme (EPS), which is run by the EPFO. The scheme provides for post-retirement pension to employees working in the organized sector. Let’s know some special things related to the scheme ..
Scheme Conditions: The benefits of the Employee Pension Scheme (EPS) can be availed only after the employee has served for at least 10 years. However, this does not necessarily mean that the service is continuous. This means that if you remain a member of EPFO even after gapping, then you will be entitled to it.
If a member is not able to remain in service for 10 years before the age of 58, he can withdraw the entire amount by filling Form 10C at the age of 58 years. Here, let us tell you that after retirement, they will not get monthly pension benefits. The EPS was introduced in the year 1995, in which existing and new EPF members were allowed to join the scheme.
Method of calculating pension: The pension amount in PF depends on the pensionable salary and pensionable service of the member. The monthly pension amount of the member is calculated according to the following formula: Member’s monthly salary = Pensionable salary X Pensionable service / 70 pensionable salary, the average of the monthly salary of the last 12 months before joining the pension plan of the employee. is.
There are many big benefits: If any member of EPFO, who becomes fully disabled, is entitled to monthly pension. Even if that person has not completed the pensionable service period. The employee becomes eligible for monthly pension from the date of permanent disability and is eligible for pension for the entire life. However, for this, the employee has to follow the necessary rules.
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