Employee Pension Scheme: EPFO says that on the loss of any of its employed son or daughter, the department stands fully with such elders. As per EPFO rules, such parents who have lost their employed child get lifelong pension.
EPFO Pension Rules: Provident Fund account holders get many benefits on their account. A big benefit of these is available in the form of pension. After retirement, pension is paid under EPS-95. But, there are many rules of EPFO, which are hardly known to the subscribers. One of these is the rule of pension to parents. Actually, the pension received by the subscribers is not only theirs. But so are the dependents. If a subscriber dies during the job, then his family, especially the parents, gets pension.
The EPFO says that the department stands fully with such elders on the loss of their employed son or daughter. As per EPFO rules, such parents who have lost their employed child get lifelong pension. However, it has some terms and conditions.
Parent and subscriber will get pension on these conditions
The Pension Scheme (EPS) of EPFO was started in 1995. According to the EPFO, if a person dies while on the job, who is the sole breadwinner in the family and his parents are dependent, then in such cases he gets lifelong pension under the EPS-95 rule. However, the condition in this is that the employee has completed at least 10 years of service. Also, if the employee becomes physically disabled due to any disease during the job, then the employee will also continue to get pension for life. Even if he has not completed the tenure of the job (10 years) as per the conditions.
How much has to be deposited in PF account?
12 percent of the basic salary and dearness allowance of the employee is deposited in the Provident Fund account. The same part is also deposited by the employer’s company. On retirement, the employee gets the entire amount of the fund by charging interest. 12% of the employee’s share is deposited directly into the EPF account. At the same time, out of 12 percent of the employer, 3.67% is deposited in EPF and the remaining 8.33% in EPS (Employee Pension Scheme).
How to Calculate Pension (Pension Calculator)
- The initial process of Pension Calculator is the same as that of EDLI Calculator. After coming to the page of the pension calculator, the process is given below
- You have to enter your date of birth. Along with this, you will have to give details like joining, leaving, etc. After this click on Show / Update details.
- After this the system will show you the date of completion of 58 years of age, 50 years of age for early pension and pension starting date for monthly pension amount.
- You can get early pension after the age of 50, but the pension amount will be reduced. At the same time, at the age of 58, you will get the full pension benefit.
- You enter the pension starting date and salary for pension in the calculator and click on Show / Update details. The system will show you your superannuated monthly pension amount.
