EPFO Pension Update:- If you contribute to the EPFO Pension Scheme while working in the private sector, your future will be prosperous. The government runs the EPS scheme to enhance the future wealth of PF employees. Under this scheme, PF employees will get a pension after retirement.
A pension can easily cover your monthly expenses. To fully benefit from your pension, it’s crucial to understand a few key points that will clear up any confusion. In any case, private sector employees contribute 12 percent of their salary to the EPS account. This money is regulated by EPFO.
The company divides the PF into two segments. The first part, 8.33 percent of the money, goes to the employee scheme, while 3.65 percent goes to the EPF scheme. Under this scheme, since the year 2014, the Central Government has fixed a pension of Rs 1000 under EPS-1995. The long-standing demand for a minimum pension of Rs 7500 is likely to receive approval.
Important rules regarding pension eligibility
According to EPS, an employee gets a pension only if he has worked for a minimum of 10 years. You cannot receive a pension without ten years of service. According to Virendra Singh, the National General Secretary of the Committee, the government should understand its responsibility to make PF employees’ pensions a minimum of Rs 7500 per month.
In addition, the elderly should receive a dearness allowance and free medical care to ensure their dignity throughout their remaining days. In addition, the headquarters of the EPS-95 National Agitation Committee are in Maharashtra, with about 7.5 crore employees. You will receive the benefits of this pension with ease. Which will solve every problem.
How will the pension become Rs 7,500 per month?
If the employee wants to get a pension of Rs 7500 per month after retirement, then he will not face any problem. Suppose an employee started working at the age of 23. Then, after reaching the age of 58, he will begin receiving pension benefits. At the same time, the maximum pensionable salary should be Rs 15,000.
At the same time, the employee’s 60-month pensionable salary is considered his average salary. Additionally, every month, a pension benefit of 15,000 times 33/70 = Rs 7500 will be available, so there will be no problem.
