New Delhi: Will the demands of PF employee organisations be met during the festive season? Private PF employee organisations have been demanding an increase in the minimum pension amount for quite some time. Currently, the minimum pension received by PF employees after retirement is Rs 1,000. There are demands to increase it to Rs 7,500.
There is speculation that the government may increase this amount during the festive season. Since the implementation of UPS for government employees, there has been a growing demand for an increase in the amount received under EPS. However, no official statement has yet been made regarding the increase in the amount received under EPS.
Key Points About EPS
The EPFO-run EPS will ensure the future of employees. It is considered a retirement scheme. After retirement, it can provide a lifetime monthly pension to EPFO members earning up to Rs 15,000. The requirement for this is to attain the age of 58. After 10 years of eligible service, a member is considered eligible for a pension.
Most importantly, employees do not contribute to the EPS themselves. The employer (company) contributes 8.33% of the EPF contribution to the EPS. The pension is paid to the employee upon reaching the age of 58. However, an early pension can also be received after the age of 50.
In the event of a pensioner’s sudden death, the pension is paid to their spouse. Importantly, there is also the option to withdraw a lump sum amount if the pensioner has not completed 10 years of service or is under 50.
How to check PF balance?
PF employees can check their account balance simply.
To do this, first give a missed call to 9966044425 from the mobile number registered with their UAN.
The call will be disconnected automatically, and you will receive an SMS from the EPFO shortly. This will display your PF account balance.
This will only work if your UAN is linked to your Aadhaar or PAN.