The pension scheme is run by the Employees' Provident Fund Organization (EPFO) for employees working in any company or any sector. EPFO provides 7 types of pension to its customers. There are different rules and conditions for claiming pension. EPFO runs this pension scheme in the name of EPS-1995. Under this, EPFO provides many other benefits to its employees apart from pension.
The benefit of this scheme of the Employees' Provident Fund Organization can be availed only if the employee has completed a minimum of 10 years of service. This scheme was launched in 1995. The pension given by the Employees' Provident Fund Organization (EPFO) is as follows. Let us know which are these seven schemes.
Superannuation or old age pension
Under this pension scheme, EPF gives benefits to those employees who have completed 10 years. Apart from this, they must have turned 58 years old.
Former pension
If you are above 50 years of age and have completed 10 years of service and have left the job and do not work in any institution where the EPF Act is not applicable, you can avail the benefit of old pension.
Disabled Pension
Disabled people can be given pension if they leave their job due to disability. There is no minimum age or 10 years of service requirement to get this pension.
Widow or child pension
In case of death of the employee, the employee's wife and two children below the age of 25 years get pension together. If a child becomes disabled, he will continue to get pension for life.
Orphan Pension
If an employee dies and his wife is not there, then pension is given to more than two children below the age of 25 years at the same time. The pension will stop when the eldest child turns 25 years old.
Nominated Pension
On the death of the employee, the nominee can take the pension. This can be done only if his wife and children are not alive in his family.
Dependent Parents Pension
If an EPFO employee is married and dies, then the member has not nominated anyone, then the pension is given to his father or mother.
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