look news india
New Delhi : EPFO Children Pension: The Employees Provident Fund Organization runs a pension scheme called EPS 1995 for employees. The pension scheme is very beneficial. It provides financial help to the employee and his family in difficult times. If a subscriber investing in EPFO dies, then his family members do not have to face 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, then 50 percent of his pension is given to his spouse. Under the EPS 1995 scheme, a minimum pension of Rs 1,000 per month is given to the nominee in case of death of the employee during service. Apart from this, the children of the deceased also get the benefit of pension till the age of 25 years, which is called Bal Pension Yojana. Let's know about it…
Children's pension eligibility
On the death of the EPFO member, the spouse gets pension. Apart from this, their children are also entitled to get pension. They get this pension till the age of 25 years. The amount of child pension is 25 percent of the amount of widow pension. If the deceased's spouse gets a pension of Rs 1,000, then their child will get a pension of Rs 250. A maximum of two children of each member can receive pension. If the employee's child is disabled, then he is given the benefit of lifetime pension.
Application Process for Child Pension Scheme
To apply for child pension, the member's family has to submit the required documents to the EPFO office. This includes the death certificate of the employee, birth certificate of children and other important documents
Features of Employee Pension Scheme
– Under EPS, the employer deposits a part of his contribution (currently 8.33%) into the employee's pension account.
– To avail the benefit of EPS, the employee must complete a minimum of 10 years of service.
– When an employee turns 58 years old, he becomes eligible for pension. Pension can be taken even after the age of 50 years but there is some deduction in it.