EPFO Pension Rules Update 2023: Employees’ Provident Fund Organization is a scheme for working people! Which provides pension benefits after certain service! In this way, according to the rules of EPFO, 12% of the basic income of the employee is deposited in EPFO.
EPFO Pension Rules Update 2023
Employees’ Provident Fund Organization members are eligible for benefits under the Employees’ Provident Fund (PF)! In this benefit of EPFO, an EPF account holder has to contribute 12 percent of his basic salary to his EPF account! Whereas its recruiters will deposit 12% of the employee’s basic salary in their respective EPF accounts. This EPF pension contribution is mandatory for both the employee and the employer.
EPFO Pension Rules
As per the rules of the Employees’ Provident Fund Organization, there are several EPFO benefits that an EPF account holder is eligible for. But EPFO Pension is such a benefit that most EPFO subscribers are unaware of! Reminding a significant change in the EPFO pension benefit rule, Amit Gupta, MD, CAG Infotech, a SEBI registered tax and investment solutions company said that earlier the EPFO pension benefit was extended to all employees. But now it is limited to only those employees whose monthly salary is ₹ 15,000 or less!
To avail the pension scheme of Employees’ Provident Fund Organization, the employee should work for at least 10 years. If an employee changes the company! So his unique account number (Universal Account Number) remains the same! And after eliminating any interval in between, its total working time is calculated. Take an example, if a person works for 7 years in a company under EPFO! And if he takes a break of one year, then works for another 4 years, then his total employment period will be considered as 11 years.
Pension Benefits under PS: EPFO Pension Rules Update 2023
Pension at the age of 58 years: On reaching the age of 58 years, a member is eligible for pension benefits. When he reaches the age of 58! Therefore he should have served for at least ten years to be eligible for pensionary benefits. An Employees’ Provident Fund Organization scheme certificate is issued. Which can be used to fill Form 10D for monthly pension withdrawal!
Pension benefits on leaving employment before becoming eligible for monthly pension: If a member is unable to continue his service for ten years up to the age of 58 years! So at the age of 58, he can withdraw the entire amount by filling Form 10C. However, they will not get monthly pension (EPF Pension) payment till retirement.
Pension on Totally and Permanently Disabled: Whether he has completed pensionable service period or not, an Employees’ Provident Fund Organization member who becomes totally and permanently disabled , is eligible for monthly pension! To be eligible for pension, his employer has to deposit funds in his EPS account for at least one month. From the day of permanent disability, the member is liable for monthly EPFO pension. Which is provided for the rest of his life!
avail pension scheme
EPFO scheme is an important financial instrument for salaried individuals. Because it ensures pension benefits after retirement. It is important to note that the period of essential employment is an important aspect for pension eligibility. Which every Employees’ Provident Fund Organization (Employees’ Provident Fund Organization) subscriber should know!
EPFO Pension Rules Update: EPFO Pension Rules Update 2023
So, even if you are an EPFO subscriber and have taken leave from your job, you can avail the benefits of Employees’ Provident Fund Organization pension scheme by ensuring a total employment period of 10 years or more. Are !