Whoever is working in the organized sector in India. They are given benefits by EPFO i.e. Employees Provident Fund Organization. It provides for providing provident fund, insurance and pension. Both employees and employers contribute to this. EPFO is a government institution run by the Government of India. Every employee working in the organized sector has an account in EPFO. In which 12 percent of the salary is deposited.
And the same contribution is also made by his employer i.e. the company. But the contribution made by the company goes in two parts in which 8.33 part is deposited in the employee pension scheme called Pension Fund and 3.67 part goes in the Employees Provident Fund i.e. EPF. After leaving the job, pension is arranged by EPFO to the employees at the time of retirement. What type of pension do employees get? What are the terms and conditions for this? Let us know.
EPFO had launched EPS i.e. Employees Pension Scheme in the year 1995. Employees working in the organized sector get its benefits. For this, you should either be 58 years of age or you should have completed 10 years working in a company. Only then can you get the benefit of pension. In EPFO, 6 types of pension are given to the employees.
retirement pension
If an employee has been working in the organized sector for 10 years or more. And he retires after completing the age of 58 years. So he gets the benefit of retirement pension.
early pension
If an employee has worked for 10 years or more. But he has taken retirement before completing the age of 58 years. Or he was no longer working. So in such a situation, employees are given benefits under early pension.
disability pension
According to the rules of EPS95, if a person becomes permanently disabled or completely disabled while working in an institution. So in such a situation, financial assistance is given to him by EPFO through disability pension.
Widow and Child Pension
If an EPFO member dies in Assam. So in such a situation EPFO provides financial assistance to its partner. Monthly pension is given to the spouse of an EPFO member. Along with this, under EPS95, monthly pension is given to two children till the age of 25 years. So that their education and upbringing can be done well.
orphan pension
If an EPFO member dies. And his life partner dies. So in a situation when both the parents of the children are not alive. Still EPFO gives Mathali pension to children.
mention of nominee
If an EPFO member does not have a wife or children. Then he goes as a nominee. They are given pension. Like if he has nominated his parents. So both are given half pension. Whereas if he has nominated someone then the entire pension is given to the mother or father.
Whoever is working in the organized sector in India. They are given benefits by EPFO i.e. Employees Provident Fund Organization. It provides for providing provident fund, insurance and pension. Both employees and employers contribute to this. EPFO is a government institution run by the Government of India. Every employee working in the organized sector has an account in EPFO. In which 12 percent of the salary is deposited.
And the same contribution is also made by his employer i.e. the company. But the contribution made by the company goes in two parts in which 8.33 part is deposited in the Employees Pension Scheme called Pension Fund and 3.67 part goes in the Employees Provident Fund i.e. EPF. After leaving the job, pension is arranged by EPFO to the employees at the time of retirement. What type of pension do employees get? What are the terms and conditions for this? Let us know.
EPFO had launched EPS i.e. Employees Pension Scheme in the year 1995. Employees working in the organized sector get its benefits. For this, you should either be 58 years of age or you should have completed 10 years working in a company. Only then can you get the benefit of pension. In EPFO, 6 types of pension are given to the employees.
retirement pension
If an employee has been working in the organized sector for 10 years or more. And he retires after completing the age of 58 years. So he gets the benefit of retirement pension.
early pension
If an employee has worked for 10 years or more. But he has taken retirement before completing the age of 58 years. Or he was no longer working. So in such a situation, employees are given benefits under early pension.
disability pension
According to the rules of EPS95, if a person becomes permanently disabled or completely disabled while working in an institution. So in such a situation, financial assistance is given to him by EPFO through disability pension.
Widow and Child Pension
If an EPFO member dies in Assam. So in such a situation EPFO provides financial assistance to its partner. Monthly pension is given to the spouse of an EPFO member. Along with this, under EPS95, monthly pension is given to two children till the age of 25 years. So that their education and upbringing can be done well.
orphan pension
If an EPFO member dies. And his life partner dies. So in a situation when both the parents of the children are not alive. Still EPFO gives Mathali pension to children.
mention of nominee
If an EPFO member does not have a wife or children. Then he goes as a nominee. They are given pension. Like if he has nominated his parents. So both are given half pension. Whereas if he has nominated someone then the entire pension is given to the mother or father.
