Employees’ Provident Fund Organization (EPFO) members get the benefit of Provident Fund (PF) under Employees’ Provident Fund (EPF). In this EPFO benefit, an EPF account holder has to contribute 12 percent of his basic salary in his EPF account, while the employer of the account holder will also deposit only 12 percent of the basic salary of the employee in his EPF account. Contribution to EPF is mandatory for both the employee and the employer. According to the rules of EPFO, many subscribers get many benefits. These include pensions as well. But pension is one such benefit that most EPFO subscribers are unaware of.
How to get pension
For EPFO pension benefit, employees have to contribute to the EPF account for at least 15 years without any gap. In fact, when an employee opens an EPF account, he also gets an EPS account where the employer contributes 8.33 per cent while the remaining 3.67 per cent is deposited in the EPF account. So when an employee checks his EPF balance, his EPF balance will not be twice the employer’s contribution.
Understand the whole rule
Earlier the benefit of EPFO pension was given to all employees, but now it is limited to only those employees whose monthly salary is Rs 15,000 or less. So only those employees, whose monthly salary is Rs 15,000 or less, are now eligible for EPFO pension benefits.
How to get pension
On when and how much pension will be given to the EPFO beneficiary, experts say that under the EPS benefit, EPF pension is given to the EPF account holder when the beneficiary attains the age of 58 years. The minimum pension of an EPS beneficiary is Rs 1,000.
Know the details of another important rule
EPFO has made it mandatory to link Aadhar card with PF UAN (Universal Account Number) to receive PF contribution and other benefits from employers. UAN is a 12-digit number given to employees who are contributing to EPF. EPFO subscribers have been given time till September to link their Aadhar card with the Provident Fund (PF) account. Earlier the deadline for doing this work was June 1, which has recently been extended to September 1.
Change in rules
The Ministry of Labor has amended Section 142 of the Social Security Code 2020 to implement this new rule. It is to be known that under Section 142 of the Code, there is a provision to establish the identity of an employee or an unorganized employee or any other person through Aadhaar number for receiving benefits and availing services. If you do not link your Aadhaar with UAN, then you will face problem in getting your PF money. To avail the services of EPFO without interruption, link your Aadhaar number with UAN.
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