Big news for pensioners. If you’ve been working for 10 years and have contributed to EPFO, there’s some great news for you! Thanks to EPFO’s EPS, you can start receiving a monthly pension once you retire.

 

A lot of folks believe that only those with long careers can get a pension, but you can actually qualify for EPFO Pension after just 10 years of service. In this article, we’ll explore how much pension you can expect after a decade of work and some other fantastic benefits that come with it.

 

What’s the EPFO Pension Scheme (EPS)?

 

1. Purpose of EPS

 

The Employees’ Pension Scheme (EPS) was introduced in 1995 to ensure financial stability for private sector workers post-retirement.

 

Minimum service requirement: You need at least 10 years of service to qualify for a pension.

Contributions: A portion of your salary goes into EPS, funded by your employer.

Pension eligibility: You can start receiving your pension once you turn 58.

 

2. Who qualifies for EPS?

 

How much pension can you expect after 10 years of service?

1. How is the pension calculated?

 

Your EPFO pension is determined by your last salary, total years of service, and contributions.

 

Pension Calculation Formula:

 

Monthly Pension = (Last Pay × Total Service Years) / 70

 

Last Salary: The highest salary considered for pension purposes is capped at Rs 15,000.

Service period: Your total years of service will influence your pension amount.

Minimum Pension: The lowest pension you can receive under EPS is set at Rs 1,000 per month.

 

Here’s how you can apply for EPFO Pension:

 

1. Online Application Steps

Head over to the EPFO official website: EPFO Portal.

Log in using your UAN (Universal Account Number).

Navigate to the ‘Online Services’ section and click on ‘Claim.’

Complete Form 10D: This form is essential for your pension claim.

Upload the necessary documents: Aadhar Card, Bank Details, and Service Certificate.

Submit your claim: Once you submit, you’ll get a tracking number to monitor your claim’s status.

 

2. Offline Application Steps

Go to your nearest EPFO office.

Fill out and hand in Form 10D.

Make sure to attach required documents like your service certificate, ID card, and bank account info.

After your application is processed, the pension amount will be directly credited to your bank account.