Digital Desk, New Delhi. EPFO Children Pension: The Employees' Provident Fund Organization runs a pension scheme for employees. Which is called EPS 1995. A pension scheme is very beneficial. It helps the employee and his family financially in difficult times. If a subscriber investing in EPFO dies, then his family does not have to face a financial crisis. Under this scheme, the family gets benefits on the death of the employee.
Children of EPFO members get pension
If a pensioner dies, 50 percent of his pension is given to his spouse. Under the EPS 1995 scheme, if the employee dies during service, the nominee is given a minimum pension of Rs 1,000 per month. Apart from this, the children of the deceased also get the benefit of a pension till the age of 25 years. Which is called Bal Pension Yojana. Let's know about it.
Eligibility for children's pension
On the death of an EPFO member, his/her spouse gets a pension. Also, their children are entitled to a pension. They get this pension till the age of 25 years. The amount oa f a child pension is 25 percent of the amount of f widow pension. If the deceased's spouse gets a pension of one thousand rupees, then their child will get a pension of 250 rupees. A maximum of two children of each member can get t pension. If the employee's child is handicapped, then he/she is given the benefit of a lifetime pension.
Application Process for Child Pension Scheme
To apply for r children's pension, the member's family has to submit the required documents to the EPFO office. This includes the death certificate of the employee, the birth certificate of the child, en and other necessary documents.
Features of the Employee Pension Scheme
- Under EPS, employers deposit a part of their contribution (currently 8.33%) into the employee's pension account.
- The employee has to complete a minimum of 10 years of service to avail l the benefits of EPS.
- The employee becomes eligible for pension when he attains the age of 58 years. However, the pension can be taken even after the age of 50 years, but there is some deduction in it.
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