EPFO Pension Rules: If your PF is deducted, this news is very useful for you. Actually, EPFO ​​has changed some pension-related rules, which you should be aware of. Today, we are going to tell you about five changes that will affect your retirement reimbursement. Let’s learn about those changes.

Changed Pension Calculation Rules
The Employees’ Provident Fund Organization (EPFO) has changed the rules for calculating pensions. This change is very beneficial for pensioners. Previously, pensions were calculated based on the last salary drawn, but now they will be calculated based on the average salary of 5 years.

The pension withdrawal age has been changed.

The previous age for pensionwithdrawals was 58 years, but this has now been reduced to 50. Individuals wishing to receive their pension early can apply at age 50. Please note that early retirement reduces the pension amount.

Claim your pension online
The EPFO ​​continues to update its services for employees to ensure that employees receive their pensions without any difficulties. Consequently, all pension claim processes, such as filling out forms, uploading documents, and obtaining approval, can be completed through the EPFO ​​website or mobile app. Previously, this process used to involve long queues.

No loss of pension due to job changes
The EPFO ​​has clearly stated that if an employee changes jobs, their pension will not be lost. Their old record will be linked to the new company, allowing them to continue receiving their pension.

Pension limit also increased
EPFO has also increased the maximum pension limit. Previously, this limit was ₹7,500, which has now been increased to ₹15,000. Therefore, if you have a high salary, you can receive a maximum pension of ₹15,000 after retirement. It’s worth noting that many of these changes are old, but pensioners should be aware of them.

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EPFO Pension Rules: All the employed people in India have PF accounts. In India, PF accounts are managed by the Employee Provident Funds Organization i.e. EPFO. These accounts are also seen as a kind of savings scheme. Every month 12% of the employee’s salary is deposited in this account. At the same time, the same amount is deposited by the company as well.

You can use the money deposited in the PF account whenever you need it. Along with this, if you contribute to EPFO ​​for more than 10 years, then you also become eligible to get pension. But if you withdraw more than a fixed limit from it, then you do not get pension. Let us tell you what are the rules of EPFO ​​regarding pension, how much money is withdrawn to not get pension.

Pension is not available on withdrawing the entire amount

12% of the salary is deposited in the account of the PF account holder. The same amount is deposited in their PF account by the employer i.e. the company. The company contributes 12%. Out of that, 8.33% goes to the pension fund i.e. EPS of the PF account holder. And the remaining 3.67% amount goes to the PF account. If any PF account holder contributes to the PF account for 10 years.

Then he becomes entitled to get pension. In such a situation, if he leaves the job or for any reason he withdraws the entire amount present in the PF account and his EPS fund remains intact, then he gets pension. But if he withdraws the entire amount of EPS along with the money of the PF account, then he does not get pension.

Which PF account holders get pension?

According to the rules set by the Employees’ Provident Fund Organization (EPFO), if any employee deposits money in his PF account for 10 years, then he becomes eligible to get pension. That employee can claim pension after the age of 50 years.

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The post EPFO Pension Rules: How much money should you withdraw from EPFO ​​before you get pension? know rules first appeared on Rightsofemployees.com.

Employees’ Pension Scheme (EPS) is a retirement scheme managed by the Employees’ Provident Fund Organisation (EPFO). This scheme is to provide social security to retired employees working in the organized sector who have retired at the age of 58 years. EPS was launched in the year 1995. Every employee working in the organized sector has an account in EPF.

The special thing about this scheme is that if a person continues to work even after the age of 58, he is still entitled to EPS pension. That is, he can get pension even while continuing his job.

Under this scheme, the company deducts 12% from the basic salary of the employee every month and the company also contributes the same amount. The entire contribution of the employee goes to EPF and 8.33% of the employer or company’s contribution goes to the Employees’ Pension Scheme (EPS) and 3.67% goes to EPF every month. The EPS 95 scheme applies to all employees of companies and establishments to which the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 applies.

To get pension it is necessary to work for 10 years

Only those people who are EPFO ​​subscribers get the benefit of EPS pension scheme (Pension under EPS 95). According to the rules of EPFO, every employee who contributes to EPF, who has completed 10 years of service and whose age is more than 50 years, becomes eligible to get pension. If the total period of service is less than 10 years, then the amount deposited for pension can be withdrawn anytime in between.

Can I claim pension if I am less than 50 years old?

If an EPFO ​​subscriber has completed 10 years of service but his age is less than 50 years, then he cannot claim for pension. In such a situation, after leaving the job, you will only get the funds deposited in EPF.

What will be the amount of pension received before 58 years?

If an employee has worked for 10 years and his age is between 50 and 58 years, then he is entitled to get pension, but the amount he will get as pension will be less. That is, if you have worked for 10 years, then after the age of 50 years you can claim early pension. However, on claiming early pension, the pension is reduced by 4 percent every year. For example, if an EPFO ​​member wants monthly pension at the age of 55, then he will get only 88 percent (100% – 3×4) of the pension amount.

There is also provision for disability pension under EPS 95

Let us tell you that there is also a provision of disability pension under EPS 95. It provides financial assistance to those members who become permanently or completely disabled during their service. The condition of age and contribution to the pension fund for 10 years does not apply to such members. If a member has contributed to EPS for even two years, then he is entitled to this pension.

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Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

The post EPFO Pension Rules: Big changes in pension scheme, 6 crore people will get direct benefit first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

The post EPFO Pension Rules Change: Big changes in pension scheme, 6 crore people will get direct benefit first appeared on Rightsofemployees.com.

EPFO Pension: In the meeting to be held on July 29 and 30, major changes in the system of Central Pension Distribution System will be discussed. After getting approval in the meeting, 73 lakh pensioners across the country will get the pension amount on the same date and time.

The post EPFO Pension Rules: Big news! There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.

EPFO Pension: In the meeting to be held on July 29 and 30, major changes in the system of Central Pension Distribution System will be discussed. After getting approval in the meeting, 73 lakh pensioners across the country will get the pension amount on the same date and time.

The post EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.

If you or someone in your family gets pension from Employees’ Provident Fund Organization (EPFO) every month, then this news is of their use. Yes, there is going to be a big change in the system of pension amount from EPFO. All pensioners will get the benefit of this.

Let us tell you that the Employees’ Provident Fund Organization (EPFO) will approve it after considering the proposal for setting up of Central Pension Distribution System in the meeting to be held on July 29 and 30. The proposal will be placed in the meeting to be held soon. With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country.

At present, 138 regional offices of EPFO ​​transfer pension to the account of the beneficiaries of their area. With this, these pensioners get pension on different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be made. 73 lakh pensioners will get the pension together , the source said that after the establishment of this system, the distribution of pension will be done on the basis of the database of 138 regional offices.

With this, 73 lakh pensioners will be given pension simultaneously. The source also said that all the regional offices deal with the needs of the pensioners of their region differently. With this, pensioners are able to pay pension on different days.

In the 229th meeting of the CBT held on November 20, 2021, the trustees had approved the proposal for development of a centralized IT based system by C-DAC. The Labor Ministry had said in a statement after the meeting that after this the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and supply of services.

The post EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.

EPFO Pension: In the meeting to be held on July 29 and 30, major changes in the system of Central Pension Distribution System will be discussed. After getting approval in the meeting, 73 lakh pensioners across the country will get the pension amount on the same date and time.

The post EPFO Pension Rules : There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.

EPFO Pension: In the meeting to be held on July 29 and 30, major changes in the system of Central Pension Distribution System will be discussed. After getting approval in the meeting, 73 lakh pensioners across the country will get the pension amount on the same date and time.

The post EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.