Employee Pension Scheme: A part of the salary of employed people is deposited in the EPFO (Employees Provident Fund Organization) account. In such a situation, people who have an account with EPFO must know about the EPS 95 scheme of the Employees Provident Fund Organization (EPFO). Explain that this scheme was implemented in the year 1995. This scheme is followed in companies which come under the Employees Provident Fund Organization. Under this scheme, government as well as private sector employees also get pension facility every month. Under the EPFO’s EPS scheme, all pensioners get a minimum pension of Rs 1,000 since September 1, 2014. This pension starts after the age of 58 years.
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Who are the beneficiaries?
The benefit of this scheme can be availed only to the account holders of the Employees’ Provident Fund Organization. A part of the salary of EPFO account holders is deposited in the EPFO account every month. To take advantage of this scheme, you must have worked for at least 10 years. If you have worked for 10 years, then you can get the pension amount after the age of 58 years. At the same time, after the age of 50, you can also withdraw money from your PF account at a low interest rate according to your needs. Under EPS, a minimum of Rs 1,000 to Rs 7,500 is available as pension every month.
These are the conditions for EPS
Certain conditions have been fixed by EPFO for EPS.
- Eps must be an EPF member.
- It is necessary to stay in a regular job for at least 10 years.
- Eps benefits when you are 58 years old.
- In the event of the death of the employee, the family gets a pension.
- If the service history is less than 10 years, then they will get the option to withdraw the pension amount at the age of 58 years.
- Apart from this, you can get pension after the age of 50 and even before the age of 58, but if you take the pension earlier, you will get a reduced pension.
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These changes have been made by the government
The government has made some changes in the rules of the Employees Provident Fund Organization. After these changes, now the entire amount deposited in the Employees Provident Fund Organization can be withdrawn even 6 months before retirement. If there is less than 6 months left for a member’s job, then the employee should get the facility to withdraw the entire money.
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