Employee Pension Scheme: EPFO provides new facilities to benefit its subscribers. EPF works to benefit employees under the Ministry of Labor. EPF 95 was started in 1995 for private job holders through EPFO.
Under this scheme, both employees and companies contribute. About 12 percent of this is deposited by the employee in the PF account. And the second contribution of 3.67 percent is deposited in the fund through the company. 8.33 percent of this is deposited in EPS.
Eligible people in EPS must have worked for 10 years
Whatever money is deposited in EPS, this money is given to the employees as pension every month after their retirement. To be eligible for EPS, employees have to contribute for at least 10 years. In this, if any employee completes 10 years of service, then he is considered eligible for EPS.
Under this scheme, employees receive a monthly minimum pension of Rs 1000 and a maximum of Rs 7500 on completion of 58 years of age. But do you know that you can get pension earlier at the age of 58 years.
Eligibility to get pension at the age of 58
According to the rules of EPFO, if you work for 10 years and contribute to EPS, then if your age is more than 50 years and less than 58 years, then you can get pension first.
In this article, we are going to tell you a special thing that if you receive pension before the age of 58, then the amount of monthly pension received will be reduced by 4 percent. For this, if you take advantage of pension after the age of 60, then you get the full amount. In this, there is an increase of 4 percent annually.