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Apply in these government schemes, you will get pension every month

EPFO Pension: The Employees’ Pension Scheme (EPS) was launched in the country on 16 November 1995. All employees of factories and other establishments have been included in this scheme. Under this scheme, a part of the contribution of 8.33 percent of the salary of the employee is sent by the employer to the Employees’ Pension Fund within 15 days.

The government also contributes under the Employees’ Pension Scheme at the rate of 1.16 percent of the salary of the members, which is directly deposited in the account of the employees. For example, if the salary of a member is more than Rs 15,000 per month, then the contribution payable by the employer and the central government will be limited to the amount payable only on his salary of Rs 15,000.

these are the characters

  • For pension under EPS 95 pension, 10 years job is necessary for the employee.
  • Retirement age is 58 years
  • EPS can be withdrawn even at the age of 50
  • If the employee has worked for less than 10 years. But after serving more than 6 months, he can withdraw EPS amount if he remains unemployed for more than two months
  • If the employee is completely incapable of employment, he is entitled to monthly pension notwithstanding that he has not completed the pensionable service period and is payable for his lifetime
  • A member’s family is also eligible for pension benefits on the death of a member while in service.

Benefits of the plan

  • Under this, if there is no family, after the death of the member, the nominee is given pension for the whole life.
  • The monthly widow pension to be paid to the dependent father/mother on the death of the member is equal to
  • This pension is given for life provided the member does not have a family or a nominee.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.

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