EPFO Rule: The Employees Provident Fund Organization (EPFO) runs the Employees Pension Scheme (EPS) for its members. Under this scheme, EPFO members get monthly pension after a period of time based on their service period and salary. The Employees Pension Scheme (EPS) was started by EPFO on 16 November 1995. It has replaced the Employees Family Pension Scheme 1971. However, there are some conditions for this. Let’s know its complete process…
Pension will be available after 10 years of service
EPS is a pension scheme, which is managed by EPFO . Existing and new EPF members are included under this scheme. There is only one condition to avail the benefits of this scheme, which the employee has to fulfill. According to the rules of EPFO, any employee becomes entitled to get pension after working for 10 years. However, this pension is available after completing the age of 58 years.
How is money deposited in PF account?
If you work in the private sector, 12% of your salary goes into your PF account. Your company also contributes the same amount, but 8.33% of it goes into the pension fund and the remaining 3.67% goes into the PF.
Will you get pension if there is a job gap
If you work for 10 years, you will be entitled to pension. Now the question arises that if a person loses his job in between and then gets a job again. Due to which there is a gap, will he get pension in such a situation? The rule in this regard says that pension is given after completing a period of 10 years.
If the employee has not changed the UAN number, then he will be entitled to pension. There should be 10 years of job with the same UAN number. With this, the money deposited in the PM account will be visible in the same UAN.
Make sure to get a pension certificate
There is another option if you left the job 10 years ago. If you wish to work again in the future, do not forget to take the pension scheme certificate. In such a situation, whenever you join a new job, you can link your previous pension account to the new job through this certificate.
