Employees Provident Fund : Eligibility for Pension..!

Under EMPLOYEES' PROVIDENT FUND Scheme Eligibility for pension..!

Ten (10 years) of service under pension scheme and on attaining the age of 58 years - both condition have to be fulfilled.

If the service is below 10 (ten) years of service and has not attained the age of 58 years, can withdraw the pension amount or / obtain certificate to that effect and resume the count of service in future, if the employee joins for the employment service covered under EPF & MP Act,1952.

Eligibility For Pension

Person will be eligible for Pension under following Circumstances 

 

1) On superannuation Age 58 years or More and atleast ten years of service	The member can continue in service while receiving this pension On attaining 58 Years of age, a EPF member cease to be a member of EPS automatically.
2) Before superannuation Age between 50 and 58 years and atleast ten years of service	The member should not be in service.
3) Death of the member	Death while in service or. Death while not in service
4) Permanent disability	Permanently and totally unfit for the employment which the member was doing at the time of such disablement

No pensioner can receive more than one EPF Pension.

* Pensionable salary up to 31st August 2014 will be Rs.6,500 thereafter it will be Rs.15,000 till further amendment.

*  If the Employee’s Pension contribution is restricted to Rs.15,000 then the maximum pension at the age of 58 years shall not be more than Rs.15,000 per month as on date. Hitherto it was Rs.6,500 per month

* Pension calculation: (Pensionable salary *Pensionable Service) / 70

* 20% increase in the Employees Deposit linked Insurance (EDLI)  claim benefits amount.

At present the maximum benefit payable under EDLI is Rs.130,000  and  the increase of 20 % would result in Rs.1,46,000 as maximum benefit.

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