Big bang in EPFO pension: Hello friends, we would like to tell you that there is a possibility of a very big change in the Employees’ Pension Scheme run by the Employees’ Provident Fund Organization i.e. EPFO.
The government has increased the minimum pension amount in the scheme by about ₹ 1000, which is now planning to be ₹ 3000.
The decision that has been taken is going to be a big relief for the employees of the private sector. After this change, you people will get relief from the problem of rising inflation.
Under the scheme, a part of the monthly salary of the EPFO employee is deposited for the future. 12% contribution of the salary is included in it, out of which 8.33% goes to the Employees’ Pension Scheme and the remaining amount is deposited in the EPFO account.
The aim of the scheme is to provide regular, granted pension to every woman after retirement to the employees of the organized sector, due to which they become self-reliant in old age.
Pension amount will increase 3 times
Along with the government, a senior official of EPFO has made a plan to increase the minimum pension amount under EPS by 3 times, after which your pension will be ₹3000. The proposal has been prepared to provide better financial security to the employees. Along with this, it has been felt necessary to make changes due to the rising inflation since the last few years.
The government is discussing about making changes in the scheme keeping in mind the interest of the pensioners. While reviewing the apps, the Parliamentary Committee of the Ministry of Labor has also suggested increasing the minimum pension amount. It has also been said that the review of the scheme will be completed by the last month of the year 2025 and the changed rules will be implemented.
The change is beneficial for those workers and employees who are still dependent on very little pension. After increasing the pension amount, the financial condition will improve a lot due to which the elderly will get more resources for their daily expenses.
Who will be able to avail the benefits of the scheme
Any employee registered with EPFO and contributing to EPS will be able to avail the benefits of the scheme without any hassle. Under the scheme, it is also mandatory for the employees to contribute for a minimum of 10 years during their service. The employee is entitled to pension amount as per the service period and contribution.
If the service period of the employee is less than the minimum 10 years, then he can withdraw the amount but cannot avail the pension. Along with this, after the death of the employee, the family will also be given pension by the government, which means that the pension is working as a social security cover.
How to apply for EPFO Pension Scheme?
If you want to apply for EPFO pension, then you need to go to the EPFO portal and fill the pension form. In which you have to enter the service contribution and bank details properly.
After this, EPFO will start the payment after checking the pension eligibility. The pension application process has recently been made very easy by EPFO, due to which employees will be able to apply online without any hassle.
For this, both a mobile application and a website are available. To receive pension, every employee needs to fill Form 10D and attach the necessary documents.