do you know It is known that the Employee Provident Fund (EPF) gives its subscribers the option of taking 7 types of pension. If not, then we are telling you. The subscribers of the Employee Provident Fund (EPF) usually become entitled to receive pension after retirement at the age of 58 years. However, in some cases the pension starts at the age of 50 years. Let us know that if your PF is deducted, then how many types of pension options are available.
- Retirement Pension: This is given to those subscribers who have deposited money in PF for 10 years or have reached the age of 58 years.
- Early Pension: Offered to subscribers who are above 50 years of age, have completed 10 years of their service and then quit the job to join a non-EPF organisation. In case of early pension, subscribers will become eligible to receive 4% less pension for each year.
- Disability Pension: This pension is given to those EPFO subscribers who have become disabled (temporary or permanent) during their service.
- 4. Widow or Child Pension: In case of death of the subscriber, the widow of the subscriber and two children below the age of 25 years become eligible for pension simultaneously.
- Orphan Pension: When a subscriber dies and is survived by no wife, pension is offered to more than two children below the age of 25 years at the same time.
- Nominee Pension: On the death of the subscriber, the nominee becomes entitled to receive pension and it is based on the e-nomination form filled by the subscriber on the EPFO portal.
- Pension of dependent parents: When the deceased EPFO subscriber becomes unmarried, his dependent father becomes eligible for pension. After the father, the subscriber’s mother becomes entitled to receive pension. Her right to receive pension will continue for life. For this, Form 10D has to be filled.
Latest Business News