New Delhi: EPS is considered the best scheme for PF employees. This scheme provides for monthly pension payments. Private employees whose PF is deducted have been demanding an increase in the minimum amount of EPS, but this has not yet been approved. If you are a PF employee, you will also receive a monthly pension after retirement, without any hassle.
This means that under EPS, after how many years of service is a monthly pension provision? Furthermore, at what age will PF employees begin receiving a pension? You can learn about all these things in the article below. Learn important information related to pensions.
After how many years of service will you receive a pension?
PF employees receive EPS benefits after a certain period of service. According to EPFO rules, EPS benefits are available after a minimum of ten years of service. This is a mandatory requirement. If, for any reason, an employee has been an EPS member for less than ten years, they will not be eligible for a pension.
The minimum pension benefit is 58 years. Over 58 million employees are eligible for this scheme. You can find out about this in various ways. The government has been providing a minimum pension of ₹1,000 since 2014. Employees are now demanding an increase. There are also several special schemes for PF employees.
How Much Can a Pension Be?
PF employees have long been demanding an increase in the minimum pension amount under the EPS, but the government has not yet approved this. Employees demand that the minimum amount received from EPS be increased to ₹5,000. The government has not yet commented on this.
It is hoped that this significant gift will be given before the new year, i.e., 2026. However, no official announcement has been made yet. The government, however, annually pays interest on the amount deposited in the EPF account. In the financial year 2024-2026, the government has also given 8.25 per cent interest.