According to EPFO rules, members who have contributed to EPFO for ten years are eligible for a pension. The pension starts at 58 for EPFO members but can be claimed earlier. Family members can also receive a pension.
EPFO offers seven types of pensions: 1. Early Pension: EPFO provides pensions from age 58, but eligible members can claim them after age 50. In such cases, the pension is reduced by 4% each year before age 58.
2. Retirement Pension: This pension is paid after the member reaches the age of 58. The amount depends on the member’s contributions. Members can claim retirement between the ages of 58 and 60; in such cases, the pension increases by 4% yearly.
3. Disabled Pension: This pension is granted when a member becomes temporarily or permanently disabled during employment.
The 10-year contribution rule does not apply in this case, and a member is eligible for this pension even after contributing to EPS for two years.
4. Widow Pension or Child Pension: After the death of an EPFO subscriber, the wife and two children below 25 years of age are eligible for the pension.
A third child is also eligible, and when the first child’s pension stops at 25, the third child’s pension starts. The 10-year contribution rule does not apply in case of the subscriber’s death, and a subscriber can contribute for one year.
5. Orphan Pension: If the wife of the EPFO subscriber also dies, the couple’s two children are eligible for this pension until they turn 25.
6. Nominee Pension: If the EPFO member has no spouse or children, the nominee receives this pension. If the member nominates both parents, they will receive half the pension each. If only one person is nominated, the entire pension amount will be given to that nominee.
7. Dependent Parents Pension: If the subscriber dies, the dependent father becomes eligible for the pension. If the father dies, the subscriber’s mother receives the pension for life. Form 10D needs to be filled out for this.