EPFO Pension 2025 : Hello friends, through this article we want to inform you that there has been a big change in the pension amount of EPFO. Now all of you are going to get ₹ 3000 pension every month.
We will discuss about who is going to be entitled to this benefit through today’s article, so you guys stay with us till the end of this article.
What is EPS pension and why is it necessary?
The full form of EPS is Employee Pension Scheme which was started in 1995 and its objective is to provide a fixed amount of Rs 389 to every organized sector employee after retirement. This pension amount depends on the last salary and service period of the employee.
Through the EPS scheme, the government is keen to ensure that no employee faces financial crunch after growing old and he/she becomes financially self-dependent.
How is money deposited in pension?
Under EPF, whenever you work, 12% of your salary and the same contribution is deposited by the employer. Also, we want to tell you that out of 12%, 8.33% is deposited in the EPS pension scheme.
Apart from this, money is deposited in the PF account. The contribution continues as long as you are in the job. You will receive pension every month from this account to identify retirement.
Pension will be three times
Till now, the minimum pension amount under the EPS pension scheme was only ₹1000. Because it was very less in this era of inflation. This was taken care of by the Ministry of Labor and a decision is being taken to increase the pension amount by 3 times i.e. ₹3000.
After this decision, all those retired employees will get a lot of relief who have spent their whole life on a meager salary and who were finding it difficult to manage their expenses after retirement. It is expected that the new changes will be implemented by 2025.
Who will get the benefit of increased pension?
Employees who have been registered with EPFO for a minimum of 10 years and have made continuous contributions can easily avail the benefits of this scheme. Let us tell you that employees who have retired can easily apply for pension online by filling the form through the mobile application of EPFO.
If your service is less than 10 years, then instead of pension you will be able to withdraw only the deposited amount but you will not get the right to monthly pension. If the employee dies, then his family will also be given the benefit of the scheme.
Know the application process
- Every pension related process has been made digital by EPFO.
- This means that employees will no longer have to visit the office to apply.
- You have to fill Form 10D through EPFO website or through Umang application.
- After that document verification will be done and then your pension amount will start coming into your account.
