Whatever is working in the organized sector in India. They are benefited by EPFO i.e. Employees Provident Fund Organization. It provides for providing provident fund, insurance and pension. Both employees and employers contribute to it. 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 done by its employer i.e. the company. But the contribution made by the company goes to two parts of which 8.33 parts are deposited in the Employees Pension Scheme called pension fund and 3.67 parts go to Employees Provident Fund i.e. EPF. After leaving the job, pension is arranged by EPFO to employees at the time of retirement. What kind of pension does employees get? What are the terms and conditions for this? Let’s know.
EPFO launched EPS i.e. Employees Pension Scheme in the year 1995. Its benefit is available to employees working in the organized sector. For this, either the age of 58 years should be or you have completed 10 years while working in a company. Only then you can get the benefit of pension. Employees are given 6 types of pension in EPFO.
retirement pension
If an employee works in the organized sector for 10 years or more. And after completing the age of 58, he retires. So he gets the benefit of retirement pension.
Quick pension
If an employee has worked for 10 years or more. But he has taken retirement before the age of 58 years. Or he was no longer working. So in such a situation, employees are given benefits under pension.
disability pension
According to the rules of EPS95, if a person becomes permanently disabled or completely disable when working in an institution. In such a situation, Financial Assistance is given by EPFO through disability pension.
Widow and child pension
If an EPFO member dies in Assam. So in such a situation the EPFO provides financial assistance to its partner. The spouse of the EPFO member is given a monthly pension. Along with this, two children are given monthly pension till the age of 25 years under EPS95. So that their education and education 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. Nevertheless, EPFO gives Mathali pension to children.
Mention of nominee
If an EPFO member does not have a wife or child. Then he goes as a nominee. They are given pension. Like if he has nominated his parents. So both are given half the pension. On the other hand, if he has nominated someone, then the entire pension is given to the mother or father.
