Pension
It has already written in one of the previous post that a part of Employer Share actually goes to EPS (Employee Pension Scheme). One can get pension from his/ her provident fund. But there certain conditions which are:
- He/ She has completed the age of 58.
- He/ She has been member of EPF for minimum 10 years (in case of transfer from one employer to another, he has got his EPF account transferred).
- The maximum pension is subject to maximum of INR 3,250 per month.
- Lifelong pension is available to the member and upon his death members of the family are entitled for the pension.
- The minimum monthly pension received by the legal heirs of the deceased members was fixed as follows:
- Widow: Rs.1,000 per month
- Children: Rs.250 per month
- Orphans: Rs.750 per month
Must Read : Some facts about EPF
: EPF Facts 1 – Nomination and Insurance Facility
