7 types of monthly pensions that EPFO offers to its account holders
EPFO Monthly Pension: An EPF account holder is eligible to receive a monthly pension at the age of 58. However, under certain conditions, they can also start receiving the monthly pension at the age of 50 if they have completed 10 years of service.
EPS monthly pension offered by EPFO: Employees' Provident Fund Organisation (EPFO) also runs the Employee's Pension Scheme (EPS), under which an EPF account holder is eligible to receive a monthly pension at the age of 58. However, under certain conditions, they can also start receiving the monthly pension at the age of 50 if they have completed 10 years of service. These are only a few scenarios; EPFO also offers 5 other types of pension. Here, we discuss all 7 types of pensions offered by EPFO.
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Superannuation pension
The EPF account holders can get it on the completion of 10 years of service at 58 years of age.
Early pension
Suppose an EPF account holder is over 50 years of age, has completed 10 years of service, and has joined a non-EPF organisation; they are eligible to get early pension. However, this pension will be 4% lower each year against the superannuation age of 58 years. E.g., if you are eligible for Rs 10,000 monthly pension at 58, you will get Rs 9,600 at 57 and Rs 9,200 at 56.
Widow or child pension
If an EPF account holder dies, his widow and two children under the age of 25 become eligible for widow pension. When the third child turns 25, they also become ineligible for pension. In this case, the rule of minimum age of 50 or minimum 10 years of service by the EPF account holder doesn't apply.
Orphan pension
If the EPF account holder and his widow die, then two children under the age of 25 can get orphan pension. Once they attain the age of 25 years, the pension will stop.
Dependent parents' pension
If the EPF account holder is single and dies, their father, and after the father's death, their mother becomes eligible to get a pension for lifelong.
Disabled pension
An EPF account holder who becomes disabled (permanent or temporary) is eligible for this type of pension. To get it, 10 years of service or the minimum age of 50 years is not necessary. One is eligible to get it even if they have made one month of contribution.
Nominee pension
If an EPF account holder has nominated someone to get a pension upon their death, the nominee can get the pension. One can e-nominate someone on the EPFO portal.