E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Tovino Thomas’s Film Makes An Excellent Start!

August 13, 2022

Har Ghar Tiranga a huge success: Over 20 cr national flags made available to people since the launch of campaign: Officials

August 13, 2022

Mona Singh On Criticism For Playing Laal Singh Chaddha’s Mother

August 13, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Business»From formula to exemptions, know these 10 facts about EPF Pension Scheme
Business

From formula to exemptions, know these 10 facts about EPF Pension Scheme

Paul EasterBy Paul EasterAugust 4, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email


The pension contribution by an account holder of the Employees’ Provident Fund Organisation (EPFO) is a diversion from the employer’s share of Provident Fund (PF). There is no contribution towards pension from the employee. Here are lesser known facts about the pension scheme being offered by the retirement fund body.

EPFO Pension Scheme: 5 facts to know  

1) Since the contribution towards pension is from the employer’s share of contribution, the question if an EPF member can refuse to contribute to the pension component, does not arise.

2) An EPF member cannot become a member of just the pension scheme without becoming a member of Provident Fund scheme. Any new employee joining an establishment with minimum wage of Rs 15000 per month can only become a member of the PF after submitting option as per the provisions under Para  26(6) of the PF scheme. He cannot be the member of pension fund.

3) An employee who joins an organization at the age of 58 is not eligible to become a member of pension fund.

4) Formula for calculation pension amount is – Pension = (Pensionable salary) (average of last 60 months) X Pensionable Service /70.

5) Individual member cannot seek an exemption from the pension scheme but an establishment can seek exemption

6) A member is eligible for pension on superannuation at the age of 58 years. If the employee leaves the job between 50 and 57 years can avail early (reduced) pension. retis can avail

7) In case of death of a member, the family pension and children pension is payable even after receiving 1 month contribution.

8) On death of the member, the pension will go to the spouse widow/ widower.

9) Children are also eligible for receiving pension till the attainment of 25 years.   
10: The pensioner can get pension anywhere in the country.

EPFO is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken according to claims made by the website. At present it maintains 24.77 crore accounts (Annual Report 2019-20) pertaining to its members.





Source link

Paul Easter

Related Posts

Har Ghar Tiranga a huge success: Over 20 cr national flags made available to people since the launch of campaign: Officials

By Paul EasterAugust 13, 2022

31 new malls coming soon in India: Set to spawn massive jobs, employment opportunities

By Paul EasterAugust 13, 2022

75th Independence Day: PM Modi Speech LIVE – When and where to watch on 15 August Red Fort Address

By Paul EasterAugust 12, 2022

UK economy contracts in 2nd quarter as recession fear grows

By Paul EasterAugust 12, 2022
Add A Comment

Comments are closed.

Our Picks

Tovino Thomas’s Film Makes An Excellent Start!

By Paul EasterAugust 13, 2022

Har Ghar Tiranga a huge success: Over 20 cr national flags made available to people since the launch of campaign: Officials

By Paul EasterAugust 13, 2022

Mona Singh On Criticism For Playing Laal Singh Chaddha’s Mother

By Paul EasterAugust 13, 2022
Recent Posts
  • Tovino Thomas’s Film Makes An Excellent Start! August 13, 2022
  • Har Ghar Tiranga a huge success: Over 20 cr national flags made available to people since the launch of campaign: Officials August 13, 2022
  • Mona Singh On Criticism For Playing Laal Singh Chaddha’s Mother August 13, 2022
  • 31 new malls coming soon in India: Set to spawn massive jobs, employment opportunities August 13, 2022
  • Raju Srivastava’s Condition Stable; His Family Issues Statement & Asks People To Ignore Rumours Or Fake News August 13, 2022
  • Pranav Mohanlal Is Part Of Father Mohanlal’s Directorial Debut Barroz: Reports August 13, 2022
  • Tornado Cash Developer is Arrested in Amsterdam August 13, 2022
Archives
  • August 2022
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.