EPF Pension: Do you know that your EPF amount is not just savings but can also be a safe support for your retirement, EPF i.e. Employees’ Provident Fund is a scheme designed to protect the future of working people.
In this, not only your money is safe, but you also get a pension after retirement. Let’s understand what are the rules of EPF pension and how much pension you can get.
What is required to get an EPF pension
To get EPF pension, you have to fulfill some conditions:
Minimum 10 years of contribution: You have to make regular contributions to EPF for at least 10 years.
58 years of age: You have to complete at least 58 years of age.
If you fulfill both these conditions, then you can apply for an EPF pension.
How is your pension amount decided?
Your EPF pension amount depends on two main things:
Pensionable service: This is the number of years for which you have contributed to EPF.
Average salary: The average salary for the 60 months before your retirement is taken as the basis.
The amount of your pension is decided based on these two things.
How to calculate EPF pension
You can use the pension calculator available on the EPFO website to estimate your potential pension amount. In this, you have to fill in your personal information and the calculator will tell you the estimated pension amount.
Process of getting pension
To get a pension, you have to fill out a form in the EPFO office. Also, you have to submit some important documents like Aadhar card, PAN card, bank account details, etc. EPFO will check your application and start your pension after ensuring eligibility.
Tips for increasing pension
Contribute more: The more you contribute to EPF, the more pensions you will get.
Be consistent in the job: Working for a long time will increase your pensionable service.
Keep the account active: Always keep your EPF account active.
EPF pension is an important part of protecting your golden years. So, take it seriously and keep checking your pension status from time to time.