EPFO Pension: You can get up to 8% more pension from EPFO; here is how

EPFO Pension: The Employees' Pension Scheme (EPS) was implemented on November 16, 1995, to replace the Employees' Family Pension Scheme of 1971. This is a social security programme provided by the Employees' Provident Fund Organisation.

To be eligible for a pension, subscribers must have served for at least 10 years and retired after the age of 58. Alternatively, if an EPF subscriber reaches the age of 58, he or she is entitled to a pension even if they have not yet retired.

Alternatively, if the subscriber is over the age of 50 and has worked for more than 10 years as an EPF subscriber, he or she is entitled to the pension.

How to get 8% more pension from EPFO

According to EPFO ​​rules, a pension is usually given on completion of 58 years, but if the employee is still in a job after 58 years, then he can stop his pension for two more years i.e. till the age of 60, and can continue his contribution to the pension fund till the age of 60. 

In such a situation, the employee gets a pension at an additional rate of 4 per cent every year. In such a situation, if the employee takes a pension at the age of 59, then he is given a pension at an additional rate of 4 per cent, while at the age of 60, he is given a pension at an additional rate of 8 per cent. In such a situation, the service and salary of the pension of the years after 58 years are also taken into account for calculating their pension.

Types of pensions under EPS

Provident fund subscribers, their families, and nominees are eligible for various types of EPS under the EPFO.

Widow Pension: A widow receives a pension till she dies or marries again. If there are numerous widows, the eldest receives the pension.

Child Pension: Children receive a child pension in addition to the widow pension until they become 25. This is 25 per cent of the widow's pension, with a maximum of two children receiving it.

Reduced Pension: Members with at least 10 years of service and ages 50 to 58 can apply for an early pension. The value decreases by 4 per cent for each year below 58.

Orphan Pension: If a member dies without a living widow, their offspring get a 75 per cent widow pension. Up to two children may benefit.