EPFO Pension Update: If you are employed and PF is deducted from your salary every month, the Employees’ Provident Fund Organization (EPFO)’s new announcement could prove to be extremely important for you. The EPFO has made five major changes to the Employee Pension Scheme (EPS), which will directly impact your future pension. The new rules will provide employees with more transparent, convenient, and digital access.
Pension to be Based on Average Salary
Previously, a pension was calculated based on an employee’s last salary. However, the EPFO has now based it on the average salary of the last 60 months, or five years. This will benefit employees whose salaries increase gradually every year. This change will make the pension amount more balanced and equitable. This rule was previously in effect from September 1, 2014, but now the process is being simplified.
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Pension Limit Now ₹15,000 Monthly
Previously, employees could only receive a maximum pension of ₹7,500 per month. The EPFO has now increased this limit to ₹15,000 per month. This decision was taken following a Supreme Court directive. This will provide relief to retired employees with higher salaries.
Pension Available From Age 50
The minimum age for pension withdrawal was 58 years, which has now been reduced to 50 years. This means employees can now begin receiving their pension at age 50.
Online Pension Claims Increase Convenience
The EPFO has further strengthened digitalization and made the pension claim process completely online. Now, the entire process of filling out pension forms, uploading documents, and getting applications approved can be completed through the EPFO website or mobile app.
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No Pension Loss on Job Change
EPFO has simplified the pension portability system. In such a situation, if an employee changes his job, his previous service will automatically be added to the record of the new job.