After contributing for at least 10 years in EPF account, one can become eligible for ₹1,000 to ₹7,500 monthly pension under the EPS benefit
The Employees’ Provident Fund Organisation (EPFO) has made it mandatory for each and every EPFO member to contribute 12 per cent of its basic salary in one’s Employees’ Provident Fund (EPF) account. According to tax and investment experts, EPF account is a government-backed mandatory retirement fund accumulation tool for an investor but it also gives pension benefit under EPS (Employees’ Pension Scheme). They said that as per EPS Pension rule, one can become eligible for ₹1,000 to ₹7,500 monthly pension under the EPS benefit, provided the EPFO member has contributed in EPF account for at least 10 years.
Source: Mint