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Employee Pension: And the company also deposits the same amount. The share that the company deposits in PF also goes to the Employee Pension Scheme (EPS). EPFO told to whom it gives pension and to which family members.
The family also gets pension
Employees get pension through EPS. Not only the employee but also the family members get benefit from EPS. If an EPF member dies, his family i.e. wife or husband and children also get the benefit of pension, hence it is also called family pension. EPF member is entitled to pension after retirement and also in case of total disability.
pension rules
To avail the benefit of pension, it is necessary for the employee to work continuously for 10 years in the same place or office. Only the company contributes to this pension scheme. This is 8.33 percent of the 12 percent contribution made by the company in PF. EPS requires 10 years of service for family pension. Any employee is entitled to pension only when he has worked for 10 years, then it is considered like family pension.
Who gets pension in the family?
After the death of a member of the EPS scheme, his wife or husband gets pension. If the employee has children, then his two children also get pension till the age of 25 years. If the employee is not married then his nominee gets the pension. If there is no nominated person. After the death of the employee his parents are entitled to pension.