EPFO's Comprehensive Pension Schemes: Ensuring Financial Security Across Various Life Stages
| 29 May 2024
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The Employees' Provident Fund Organisation (EPFO) offers a wide range of pension schemes to cater to the diverse needs and circumstances of its subscribers. While the traditional superannuation pension kicks in after retirement at age 58 or completion of 10 years of service, the EPFO has established seven broad categories to accommodate various scenarios.
Superannuation Pension: This pension is granted to subscribers who have either completed 10 years of service or reached the age of 58.
Early Pension: Subscribers aged 50 and above, with at least 10 years of service, can opt for an early pension upon leaving to join a non-EPF organization. However, the pension amount is reduced by 4% for each year before the age of 58. For instance, at age 57, the pension would be 4% lower than the full amount, and at age 56, it would be 8% lower.
Disabled Pension: Subscribers who become disabled (temporarily or permanently) during their service are eligible for this pension, regardless of their age or length of service. Even a single month of EPF contribution qualifies them for this pension category.
Widow or Child Pension: In the event of a subscriber's death, their widow and two children under the age of 25 become eligible for the pension. The third child becomes entitled when the first child turns 25, ensuring that only two children under 25 receive the pension at a time. There are no age or minimum service requirements for this pension.
Orphan Pension: If a subscriber dies, and their spouse is also deceased, two children under the age of 25 are offered a pension simultaneously. The pension stops when the eldest child turns 25.
Nominee Pension: The nominee designated by the subscriber in the e-nomination form on the EPFO portal becomes eligible to receive the pension upon the subscriber's death.
Dependent Parents' Pension: If the deceased subscriber was single, their dependent father becomes eligible for the pension first, followed by the mother after the father's demise. Their entitlement to receive the pension continues for their entire lives, subject to the submission of form 10D.
Through these comprehensive pension schemes, the EPFO aims to provide financial security and support to its subscribers, their families, and dependents across various life stages and circumstances, ensuring a safety net in times of need.
Dear Investor,
In case of any grievance / complaint :
In case of any grievance / complaint :
- Please contact Compliance Officer Shraddha Mhatre at [email protected] and Phone No. - 91-22-35131664.
- You may also approach CEO Debashis Basu at email- id [email protected] and Phone No. - 91-22-35131664.