If the employee has completed 10 years of service, then he becomes entitled to receive pension under the EPS95 scheme. But if the employee dies while on the job, then the pension benefit is given to his family members. In this situation, widow pension, child pension and orphan pension are given. Know here what the rule of EPS 95 Scheme says.

Who gets how much pension?

Under the EPS-95 scheme, this employee’s pension includes widow pension, child pension and orphan pension. Under widow pension, the widow wife/widower husband of the minimum employee can get up to Rs 1000. In case of death of the pensioner, 50 percent of the pension is paid to the widow.

Child pension is given when the age of the children is below 25 years. In this situation, 25 percent of the widow pension is paid. This facility can be given to two children at a time. If the children are orphans, then in that case the children get 75 percent of the pension till they attain the age of 25 years. If the child is physically disabled, he is given 75 percent pension for his entire life.

For EPS pension, death certificate of the deceased, copy of Aadhar card of the people who are to get the pension amount, account details, canceled check or attested copy of the beneficiary’s bank passbook are required. If the beneficiary is a minor then his age certificate will also have to be given.

You can claim for this amount also

In case of death of the employee while on the job, the nominee or legal heir or family member of the Employee Provident Fund member can also claim the insurance amount. In this situation, the employee’s family is given an insurance benefit ranging from Rs 2.5 lakh to a maximum of Rs 7 lakh under the Employees Deposit Linked Insurance Scheme. This scheme is an insurance scheme run by EPFO, which is run for every employee registered with EPFO. If the EPFO ​​member has been working continuously for 12 months, then after the death of the employee, the nominee will get a benefit of at least Rs 2.5 lakh.

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It depends on how many years you have done the job and how much money you have deposited in the PF account during the job. If your money also goes to the PF account every month, then know here for your benefit that after how many years of service you become entitled to pension and what are the conditions for it?

How is pension calculated?

Every month 12 percent of the basic salary + DA of every employee goes to the PF account. Out of which 8.33 percent goes to his pension account and 3.67 percent goes to EPF every month. After accumulating this money deposited year after year in the pension account, he gets it as a pension after retirement. Calculation of PF pension depends on the pension amount in PF, the pensionable salary of the member and the number of years of service. You can use this formula to calculate your pension – Pensionable Salary X Total Years of Service /70

How to check eligibility for pension

• The first condition for getting pension is that you should be a member of EPFO.
• For this, it is mandatory for you to work for at least 10 years. After the death of the employee, the pension is given to the family members.
• You must be 58 years old to get pension. Although you can start withdrawing money from EPS at the age of 50, but that pension will be less. For this, Form 10D has to be filled.
• Apart from this, you can also postpone your pension for two years till the age of 60 years, after which you will get pension at an additional rate of 4 percent every year.

The post Employee Pension Scheme: How long the contribution will have to be made in the PF account to get the pension? Learn about the benefits first appeared on Rightsofemployees.com.