Pension Under EPS-95: Anyone working in the organized sector in India is benefited by EPFO i.e. Employees Provident Fund Organization. It has provision for providing provident fund, insurance and pension. Both the employee and the employer contribute to it. EPFO is a government institution which is run by the Government of India. Every employee working in the organized sector has an account in EPFO. In which 12% of the salary is deposited.
And the same contribution is made by the employer i.e. the company. But the contribution made by the company goes into two parts in which 8.33 part is deposited in the Employees Pension Scheme which is called Pension Fund and 3.67 part goes to the Employees Provident Fund i.e. EPF. After leaving the job, at the time of retirement, pension is arranged for the employees by EPFO. How many types of pension do employees get? What are the rules and conditions for this? Let’s know.
Employees get 6 types of pension in EPFO
EPFO launched EPS i.e. Employees Pension Scheme in the year 1995. Employees working in the organized sector get its benefits. For this, it is necessary to either complete 58 years of age or you should have completed 10 years of work in a company. Only then you can get the benefit of pension. Employees are given 6 types of pension in EPFO.
Superannuation Pension
If an employee works in the organized sector for 10 years or more and retires after the age of 58, then he gets the benefit of superannuation 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 is not working further. In such a case, 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, then in such a case, financial assistance is given to him by EPFO through disability pension.
Widow and Children Pension
If an EPFO member dies in Assam, in such a situation EPFO provides financial assistance to his partner. The life partner of the EPFO member is given a monthly pension. Along with this, under EPS95, two children are given monthly pension 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/her life partner dies, then in such a situation when both the parents of the children are not alive, then also EPFO gives monthly pension to the children.
Nominee Mention
If an EPFO member does not have a wife or children, then the person whom he appoints as a nominee is given pension. For example, if he has made his parents as nominees, then both are given half pension each. Whereas, if he has made only one person as nominee, then the entire pension is given to either the mother or the father.
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