Terms and conditions of getting pension after retirement, know everything:

News India Live, Digital Des: If you are a member of the Employees’ Provident Fund Organization (EPFO), then getting pension after retirement may be an important topic for you. EPFO’s pension scheme, which is Employees’ Pension Scheme (EPS), 1995 It provides financial security to many people after retirement. But, to get this pension, there are some terms and conditions which must be followed.

Main eligibility criteria to get pension:

1. Contribution to EPF: To avail pension, it is mandatory for you to contribute to the Employee Provident Fund (EPF) for at least 10 years. This contribution is made during your employment.
2. Retirement Age: Pension payment normally starts from the age of 58 years. However, in some special circumstances, you can opt for pension even from the age of 50, but the pension amount gets reduced.
3. Minimum Salary Range: Under EPS, 1995, a certain salary limit has been fixed for calculating pension. Initially this limit was ₹6500 per month, which was later increased to ₹15,000 per month. This means that your pension is calculated on the basis of your basic salary and dearness allowance, which cannot exceed ₹15,000.
4. Minimum pension period: Minimum service period of 10 years is required for pension. If your service period is less than 10 years, you can withdraw your EPF and pension money as a lump sum amount.

How is pension calculated?

A common formula for calculating pension is:

Monthly Pension = (Pensionable Salary x Service Period in Pension) / 70

• Pensionable Salary: It is based on your average salary (Basic Pay + DA) of the last 60 months.
• Service period in pension: This is the total period (in years) contributed to your EPF account.

Some other important points:

• Early Withdrawal: If you withdraw pension after 50 years of age and before 58 years, your pension amount gets reduced.
• Disability Pension: If a member dies due to disability while on duty, his family can get pension under special rules.
• Widow/Widower Pension: If the pensioner dies, his/her spouse gets a part of the pension.
• Pension for children: If the pensioner dies and there is no spouse, children can also get pension up to a certain age.

Information related to EPFO:

EPFO provides its members with information related to their pension account online. You can check your pension passbook and other details through EPFO ​​website or UMANG App.