The returns on EPS are assured, and there are no risks associated with investing in the scheme since the Indian government supports it.
Once you reach the age of 50, you will be entitled to withdraw your EPS. However, the amount will be given at a reduced interest rate.
Withdrawing Pension Before Eligibility
If a person is unable to continue working for 10 years before reaching 58 years, they may withdraw the entire amount at that time by completing Form 10C. However, the person will not get the monthly pension payments after withdrawing the money.
Pension for Disabled Person
If you are an EPFO member and you become disabled, you are entitled to a monthly pension. The pension is payable for the rest of your life, starting on the date of your permanent disability. You will need to have a medical checkup to determine if you are unable to perform your work duties after being disabled before you can receive the pension amount.
Pension to Family Members of Deceased Contributor
If a contributor passes away during their service or after retirement, their family members may be eligible for a pension.
There are a few eligibility criteria that need to be met in order to receive a pension from the EPFO:
-If an EPFO member passes away after starting to receive their monthly pension, the members will still receive the pension.
-Family members are eligible if an EPFO member passes away before 58, but has contributed the required minimum of 10 years of active service.
-If the participant passes away during the service period and the business or employer has deposited pension funds into the participant’s EPF pension scheme account for at least one month, family members are eligible to receive the benefits.
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