EPFO Pension Eligibility: Know Age Limit, Service Years and Benefits

EPFO: It's crucial for private sector employees to understand pension (EPS) calculations. To get a lifetime pension, you need 10 years of service and be 58 years old. However, if you leave before 10 years. 

PF deduction on salary slip

Everyone in the private sector sees a PF deduction on their payslip, but the pension (EPS) part is often a secret. Find out when your hard-earned money becomes your pension.

Two conditions to get pension

EPFO has two strict conditions for pension eligibility. The first is completing 10 years of 'pensionable service.' The second is age. For a full pension, you must be 58.

How does the money deducted from salary reach the pension fund?

8.33% of your company's PF contribution goes to the Employee Pension Scheme (EPS). This money isn't paid to you directly but is pooled for your post-retirement monthly income.

To get a pension at 50...

As per EPFO rules, you can get a pension after 50, but it's an 'early pension.' If you start at 50 instead of 58, your pension amount will be reduced for life.

If you lose your job before 10 years

Employees worry their pension is lost if they don't complete 10 years of service, but that's not true. If your service is under 10 years, you can withdraw the amount at once.