Pension after retirement provides great relief to senior citizens. Pension makes them financially strong. With this, they can enjoy post-retirement life without the tension of expenses. So, if you are an employee of a private company and think that only a government employee gets pension then you are wrong. Employees’ Provident Fund Organization (EPFO) has made provision for pension under EPS (Employees’ Pension Scheme) for employees of private organizations. Here we will tell you that you can take advantage of this pension.
What is EPS
EPS is a scheme of EPFO itself, whose objective is to provide social security to all the employees. This scheme is beneficial for the employees working in the organized sector for their pension after retirement at the age of 58 years.
When do you get the benefit of the scheme
The benefit of this scheme can be availed only when the employee has served for a minimum period of 10 years (continuously or with a gap). EPS pension was made available from 1995 onwards and retained for existing and new EPF employees.
What is your EPFO member for this pension scheme?
At the same time, 10 years of active service with the same contribution in the EPF Pension Scheme. Your age is 58 years or more. EPS has received at least 50 years of age for withdrawal from EPS pension on the lower rate. EPS Pension 4% to become eligible to get the annual rate, delay the pension for 2 years, i.e., as long as you are not 60 years.
What was the rule before
Earlier, while changing employment, you had to submit two forms to certify the same. ‘Form 11’ was to be submitted that you are a member of EPF schemes and Form 13 is for transfer of your PF balance from previous firm to present firm. If one has an existing Universal Account Number (UAN) and Aadhaar number with KYC in the EPF database, a composite Form 11 is sufficient for both.