EPFO stands for Employees’ Provident Fund Organisation. It is a non-constitutional organisation that came into existence by the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.
A Central Board of Trustees consisting of the Government, Employers, and Employees administers the fund. The Ministry of Labor and Employment, founded in 1951, oversees the working of EPFO in the country.
EPFO run three employee-benefit schemes, namely Employee Provident Fund (EPF), Employee Pension Scheme (EPS), and the Employees’ Deposit-Linked Insurance Scheme (EDLIS). In this article, we will discuss the EPFO Pension Portal in detail!
What is Employee Pension Scheme (EPS)?
The Employee Pension Scheme is a social security scheme offered by the EPFO for all the organised sector employees. Under the scheme, employees who retire at 58 years get a pension. It is important to note that employees with at least ten years of experience–continuous or with breaks– can avail this retirement benefit.
According to the EPFO rules, both the employer and the employee must contribute 12% of the latter’s monthly salary plus dearness allowance to the EPFO. While the total share contributed by the employee goes to EPF, 8.33% of the employer’s contribution goes to the Employees’ Pension Scheme (EPS). The rest, 3.67%, goes towards the Employee Pension Scheme (EPS).
- The Employee Pension Scheme is one of the three schemes the Employee Provident Fund Organisation runs.
- The Employee Pension Scheme is a retirement benefits scheme that provides financial stability to employees of the organised sector who retire after 58 years.
- Employees can use the EPFO Pension Portal for various purposes, such as checking EPS balance and requesting EPS payouts after requirements.
Eligibility Criteria For EPS:
Applicants should fulfil the following criteria to become eligible for EPS benefits:
- Become an Employee Provident Fund member with an INR 15,000 or more monthly salary
- Employed in the organised sector for at least ten years
- Employees get benefits once they retire after they are 58 or opt for an early pension once they are 50. However, the monthly pension amount gets reduced for the next 15 years under this option.
How is the Amount of Benefit Calculated For EPS?
The amount of receivable pension is calculated on the EPFO pension portal as per the following formula –
|Amount of Pension = (Pensionable Salary * Pensionable Service)/70|
How to Check EPS Balance on EPFO Pension Portal?
To check the EPS balance on the EPFO Pension Portal, follow the following steps –
- Go to the Employees’ Provident Fund Organisation (EPFO) website.
- Once on the EPFO pension portal, go to the tab named ‘Services’ and select ‘For Employees.’
- Select the option for ‘Member UAN/Online Service’ on the next page.
- Enter the Unique Account Number (UAN) and password along with the captcha code to ‘Sign In’.
- Select the member ID. On selection, the employee passbook gets open, where you employees can check the EPS balance.
How to Apply for Receiving Payouts Under Employee Pension Scheme?
Employees can take the following steps to apply for the retirement benefit payouts on the EPFO Pension Portal under EPS:
Step 1: Visit the Employees’ Provident Fund Organisation (EPFO) website.
Step 2: On the right, choose ‘Pensioners’ Portal New’ under “Online Services”. The EPF pension portal will open up in a new tab.
Step 3: Enter your Jeevan Pramaan ID to log in to ‘My Pension Portal’. Suppose you do not have an active Jeevan Pramaan ID. In that case, you need to first complete the Pension Portal Registration process by creating the ID and verifying the same using an Aadhaar OTP.
Step 4: Fill and submit Form 10 D to apply for receiving the post-retirement payouts after 58 years of age.
After completing these steps, you will receive a confirmation for submitting Form 10 D. Employees must also visit their bank in November annually to submit the Life Certificate.
How to fill out the EPF 10 D Form?
To be able to withdraw a monthly post-retirement pension, fill out the EPF 10 D form available on EPFO Pension Portal.
- Step 1: The person claiming the pension needs to be specified. You can choose from the following options: Member, Major, Nominee, Widow/Widower, Guardian or a dependent Parent.
- Step 2: The next step is selecting the type of pension. The different types of pensions to choose from are:
- Reduced Pension: Claimed from 50 years at a 4% per annum discounted rate.
- Superannuation Pension: Monthly pension after 58 years.
- Pension for Orphan: Monthly pension for the children of the deceased employees until they attain an age of 25 years.
- Disablement Pension: Monthly pension if the employee gets a permanent or temporary disability.
- Nominee Pension: Monthly pension for the nominee chosen by the late pensioner before their death.
- Widow Pension: Monthly pension to the widow of the deceased employee until they get employed services or remarried.
- Step 3: Enter personal details like the applicant’s name, gender, age, date of birth, marital status, and spouse’s name.
- Step 4: Enter the EPF Account Details like the Office, Registers Office Name, Account Number and the Establishment code.
- Step 5: Enter the name and address of the company last employed in, the date of leaving the organisation as per their records, and the reason for leaving that company.
- Step 6: Nominate a person to act as a nominee after the employee’s death and provide the required details.
- Step 7: Fill in the bank details of the account affiliated with the pension.
- Step 8: Digitally sign the form and get the same signed by the employer to verify the mentioned details.
Documents Required on EPFO Pension Portal
Employees must submit the following documents on the EPF Portal to receive the monthly pension under the EPS:
- Three passport-size photographs
- A proof of EPS membership
- Form 10 D
- Retirement or Death certificate of the pensioner as the case is
- In case of a permanent or total disability, employees must undergo a complete examination with the medical board appointed by the Employees’ Provident Fund Organisation (EPFO). Submit the documents received by the medical board with the application.
Did You Know?
As per EPFO records, the highest number of individuals registered with the EPFO belong to 22 to 25 years. Around 2.72 lakh individuals from this age bracket opened their accounts with the EPOFO in November 2020.
Words to Remember
Jeevan Praman ID: It is the pensioner’s Life Certificate created using employees’ biometric details. Aadhaar-authentication activates the ID.
Pension is a highly needed and valuable financial benefit available in the post-retirement years. It helps us meet our financial obligations well and helps us stay financially independent even when not working. Hence, everyone must know how to use the EPFO Pension Portal, whether checking the pension balance or making a pension claim.
Frequently Asked Questions (FAQs)
EPS amount does get an interest. Only the EPF amount collected on the portal is eligible for receiving an interest. The current rate of interest on the EPF balance is 8.10% for 2022-2023.
You can check our Pension Portal Status via the EPF passbook available on the EPFO Pension Portal after signing in using the UAN and Password.
You can access our EPF Pension Portal by visiting the official website of the Employees’ Provident Fund Organisation (EPFO) and clicking on the ‘Pensioners’ Portal New’ available under Online Services.
Besides the Employee Pension Scheme (EPS), the EPFO runs two more schemes, namely Employee Provident Fund (EPF) and the Employees’ Deposit-Linked Insurance Scheme (EDLIS).
According to the latest records, more than 60 lakh individuals are subscribers of the Employee Pension Scheme (EPS) on the EPF Pension Portal.