Many of us feel scared when we try to imagine our life after retirement when we’re no longer earning. It is not easy and causes anxieties and insecurities, especially when our identity has been tied up with work for so long.
In many cases, retired individuals become dependent on their children for expenses. After being financially independent for most of their lives, it might be uncomfortable for individuals to be dependent on other family members for money. This is why it is a good idea to invest in a pension scheme. The EPFO Pension Scheme is one of the best pension schemes in India. This scheme will allow you to save up a considerable amount of funds for your life after retirement. In this post, we’ll discuss this scheme with you.
The EPFO Pension Scheme is a social security program of the Employees' Provident Fund Organisation (EPFO). It provides a guaranteed pension to employees in the organized sector after they’ve retired from their jobs. The EPFO Pension Scheme was launched in 1995, and is thus also known as EPF 95 Pension Scheme. This scheme serves as a source of regular income for the retired individuals.
Let’s check out the features of EPFO Pension Scheme. This will enable you to grasp an idea about how this scheme works.
Here are the benefits of the EPF 95 pension. If the EPFO Pension isn’t mandatory for you, these benefits can help to convince you to enroll in the EPFO new pension scheme voluntarily:
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The EPFO Pension Scheme is a government-run initiative. This scheme provides individuals with a regular source of income after their retirement. It is mandatory for salaried employees earning up to Rs. 15000 to get enrolled in this scheme. However, salaried employees earning more than this amount of salary can voluntarily get enrolled in it. EPF minimum pension, at present, is Rs. 1000. However, in the future, this amount might be increased. By enrolling yourself in this scheme, you can get funds for living your post retirement life comfortably.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.