EPS 95 Scheme Details: A part of the salary of every employed person is deposited in the account of Employees Provident Fund Organization. If you are an account holder of EPFO, then you must be aware of the EPS 95 Scheme of Employees’ Provident Fund Organization. This scheme is applicable from the year 1995 and all those companies come under this scheme which are under Employees’ Provident Fund Organization. Under this scheme, private sector employees also get pension facility every month. Under the EPS scheme of EPFO, from September 1, 2014, all pensioners get a minimum pension of Rs 1,000. This pension starts getting after the age of 58.
Who gets pension facility
Only the account holders of Employees’ Provident Fund Organization can get the benefit of this scheme. A part of the salary of EPFO subscribers is deposited in the EPFO account every month. The thing to note is that to take advantage of this scheme, you must have worked for at least 10 years. You can get pension amount after the age of 58. At the same time, after the age of 50, you can withdraw money from your PF account at a lower interest rate as per your need.
The family also gets the benefit of pension
Under the EPS 95 scheme, if a pension holder dies, then in such a situation his family gets the benefit of family pension. If an employee dies while in service, then his family can get a benefit of Rs 6 lakh. On the other hand, under the EPS ’95 scheme, if the pension holder does not have any family, then the nominee gets the benefit of pension for life under the EPS scheme. On the other hand, if you have not completed 10 years of job, then you can withdraw the entire money from the PF account after 58 years, but you will not get the benefit of pension every month.
Government changed the rules
The government has changed the rules of Employees’ Provident Fund Organization. Now you can withdraw the entire amount deposited in the Employees’ Provident Fund Organization even 6 months before retirement. It has been recommended from the Ministry of Labor to the EPFO that if a member has less than 6 months left in his job, then the employee should be given the facility to withdraw the entire amount.