EPFO Higher Pension:Pension scheme (EPFO Pension) has always been the biggest support for the employees, and when it comes to (Employees’ Provident Fund Organization (EPFO)) then the excitement increases even more. (EPFO) not only protects future savings but also promises assured income every month after retirement.
If you have contributed to EPF for 10 consecutive years then you become fully entitled to (EPFO Higher Pension). This wonderful scheme (Employees’ Pension Scheme (EPS) 1995) was started in the year 1995, so that private sector employees also get social security like government employees. Pension is calculated on the basis of average salary and service years – the longer the service, the bigger the pension.
Eligibility rules for EPFO pension – Who will become a millionaire?
To get EPFO Higher Pension, minimum 10 years of service is required. If you keep working for 58 years and keep making regular contributions in the EPF account, then full pension (EPFO Pension) will be in your account. But if you leave the job after 50 years, you can choose the option of reduced pension – meaning pension starts before 58, just the amount is slightly less. And yes, if you leave the job with less than 10 years of service, then forget pension, you can only withdraw EPF balance. (EPFO) has kept these rules so clear that there is no confusion.
How the pension amount is decided – get the calculator
The super simple formula for calculating EPFO Higher Pension is – (Pensionable Salary × Years of Service) ÷ 70. Suppose the average salary is ₹ 20,000 and 20 years of service, then the monthly pension will be around ₹ 5,714. The more salary and service, the more bumper pension! Normally (EPS 95), the maximum pensionable salary was considered to be ₹ 15,000 only, but now by choosing (Joint Option) the high salaried people are getting (EPFO Higher Pension) on the real salary. Don’t miss this opportunity.
Explosive changes in new EPFO rules – Pension will not be stopped now
Recently (EPFO) has made game changing updates. After the order of the Supreme Court, the pension limit of higher salaried people has been removed. Now you can claim real salary (EPFO Higher Pension), you just have to apply on time. (EPFO) is making the digital claim process so easy that it can be applied online sitting at home. This is no less than a tonic for private sector people – now a big pension is assured.
Extra facilities to pension – family also happy
If the member dies, the family pension goes directly to the wife, children or nominee. In case of disability, the benefit of early pension is immediate. (EPFO) is constantly trying to ensure that the retirement life of every employee remains super secure. If you complete 10 years of service then tension ends – (EPFO Pension) is the guarantee of your future.
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