According to the EPFO circular dated October 25, 2024, “Keeping in view the upcoming Diwali festivities and the associated public holidays, it has been decided to release the pension for the month of October 2024 on 29th October 2024. This aims to ensure that pensioners receive their pensions in advance without any delay and can withdraw their pension on 30th October as 31st October is a holiday”
The EPFO has recommended that all Zonal and Regional Offices give the required directives to the banks that pay pensions under their purview in order to guarantee that the aforementioned is carried out.
EPF pension: What is the formula for calculating pension amount?
EPS pension
The Employees’ Pension Scheme (EPS) 1995 is a social security scheme that provides a pension for employees in the organized sector in India:
EPS contributions
Both employees and employers contribute to the scheme. The employee contributes their entire share, while 8.33% of the employer’s share goes towards EPS.
Who is eligible for EPS pension
To be eligible, an employee must:
Be an EPFO member
Have at least 10 years of service
Be at least 50 years old for early pension, or 58 years old for regular pension
EPS 95 is a pension scheme under the Employees’ Provident Fund (EPFO) that allows both employees and employers to contribute towards a pension fund. The scheme is applicable to both new and existing members.
Superannuation Pension
Superannuation pension if he has rendered eligible service of 10 years or more and retires on attaining the age of 58 years .
Early Pension
Early pension, if he has rendered eligible service of 10 years or more and retires or otherwise ceases to be in the employment before attaining the age of 58 years.
Disablement Pension
The Disablement Pension under EPS 95 provides financial support to members who become permanently and totally disabled during their service.
Widow and Children Pension
The Widow/Widower Pension ensures financial support to the spouse of a deceased EPFO member. This benefit provides a monthly pension to the surviving spouse, helping them manage their financial needs after the loss of their partner.
Children Pension under EPS 95 provides financial assistance to two surviving children of a deceased EPFO member at a time. Each child is eligible for a monthly pension until they reach the age of 25, supporting their education and well-being.
Orphan Pension
The Orphan Pension offers financial support to children of deceased members if their spouse is also not alive. This pension provides a monthly amount, helping orphans manage their living and educational expenses.
Nominee Pension
The Nominee Pension is provided to the nominated beneficiary in the event of the death of an EPFO member who had no spouse or children. This ensures that a designated nominee receives financial support, maintaining the deceased member’s intent to provide for their chosen individual.