PF Account: EPS is a scheme of Employees’ Provident Fund Organization (EPFO), whose purpose is social security. This scheme is for the pension of the employees working in the organized sector after their retirement at the age of 58 years. To avail pension under the Employees’ Pension Scheme, the employees have to fulfill these qualifications.
Government Pension Scheme: After retirement, people expect pension. Although it is not so easy to get pension in private jobs, but there are many schemes from the government, from which pension can be obtained. EPFO also gives pension facility to private job seekers. However, for this some rules have to be followed. At the same time, the tenure of some years also has to be completed. In such a situation, let us know how you can take advantage of pension from this scheme.
EPS (Employees Pension Scheme)
EPS is a scheme of Employees’ Provident Fund Organization (EPFO), whose objective is social security. This scheme is for the pension of the employees working in the organized sector after their retirement at the age of 58 years. At the same time, the benefit of this scheme can be availed only if the employee has served for at least (continuous or non-continuous) 10 years. That is, under this, the employees should have a job of 10 years. If there is a gap in the middle of the job, then that gap should be removed and there should be a job of 10 years.
Eligibility for EPS
Employees have to fulfill these qualifications to avail pension under the Employees’ Pension Scheme.
Become an EPFO ​​member.
Tenure of 10 years with active contribution to EPF pension scheme.
– Be 58 years of age or more.
– Must have attained at least 50 years of age for withdrawal from EPS pension at the reduced rate.
Do not change UAN number
On the other hand, if there is a change in job, then the employees will have to take care that they do not change their UAN number when they move to another company. Employees will have to keep their UAN number the same as it is. The 10-year tenure of the employee will also be counted on the basis of the UAN number.
This is how you will get pension after leaving the job
On the other hand, if the employees leave the job completely and their tenure is 9 years and 6 months, then it will be considered as 10 years but if the tenure is less than 9 years and 6 months, then in such a situation the employee can withdraw the pension even before the age of retirement. Because they are not entitled to pension due to lesser years.
