EPFO Pension: EPFO provides 7 types of pension, private sector employees should know this
3 min read
EPFO rules say that if a member contributes to EPFO for 10 years, he becomes eligible to get pension. Usually, pension from EPFO starts from the age of 58 years. But there are many other conditions in which pension is given to the EPFO member or his family. EPFO has divided pension into 7 categories.
If you also work in the private sector and are an EPFO member, then you must have this information.
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Early Pension
Usually EPFO gives pension from the age of 58 years, but if a member is entitled to pension and wants to get pension before the age of 58, then he can claim after the age of 50 years. EPFO has also made a provision for early pension. However, in early pension, the pension of EPFO members is reduced by 4 percent every year. That means if someone has to get a pension of Rs 10,000 at the age of 58, then on claiming at the age of 57, it will be reduced by 4% i.e. Rs 9,600 and at the age of 56, it will be reduced by 8% i.e. Rs 9,200 as pension.
Retirement Pension
Retirement pension is the pension that is given to you by EPFO after you turn 58 years old. The amount of pension depends on your total contribution to the pension fund. If you want, you can claim pension after 58 years up to 60 years. In such a situation, EPFO increases the pension of members by 4 percent every year.
Disability Pension
This pension is given when a person becomes temporarily or permanently disabled during service. For this, the condition of age and contribution to the pension fund for 10 years does not apply. If a subscriber has contributed to EPS for even two years, then he is entitled to this pension.’
Widow or child pension
After the death of an EPFO subscriber, his wife and two children below the age of 25 years are entitled to pension. The third child is also entitled to pension, but when the pension of the first child stops at the age of 25, then the third child’s pension will start. The 10-year rule of pension does not apply even in the event of the death of an EPFO subscriber. If a subscriber has contributed for even one year, then on his death his widow and children will be entitled to pension.
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Orphan Pension
If the wife of an EPFO subscriber dies along with his death, then two children below the age of 25 years are entitled to pension. For such a situation, EPFO has a provision of orphan pension. But this pension will be available to the children only till the age of 25 years.
Nominee Pension
In case the EPFO member does not have a spouse or child, on the death of the EPFO member, the nominee appointed by him receives this pension. If the EPFO member has made both his mother and father as nominees, then in such a situation both will get the pension amount according to the fixed share. If only one person is made the nominee, then the entire amount will go to the nominee.
Dependent Parents Pension
Under EPFO, if a single EPFO subscriber dies, then his dependent father is considered entitled to pension. If the father dies, then the subscriber’s mother gets the pension. She gets pension for life. For this, Form 10D has to be filled.
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