EPFO: If you are a salaried employee and your salary is deducted for PF every month, this news is very important for you. The Employees’ Provident Fund Organisation (EPFO) has made five major changes to the Employee Pension Scheme.

EPFO: If you are a salaried employee and PF is deducted from your salary every month, then this news is very important for you. The Employees’ Provident Fund Organisation (EPFO) has made five major changes to the Employee Pension Scheme, which will directly impact your future pension.

1. Pension will now be based on the average salary

Previously, a pension was calculated based on an employee’s last salary. Now, it will be determined based on the average salary of the last 60 months, i.e., five years. This will benefit employees whose salaries have increased gradually. This rule has been in effect since September 1, 2014, but now the EPFO ​​has simplified the process so that every employee receives the correct pension.

2. Maximum pension limit increased to ₹15,000 per month

Previously, the maximum pension was limited to ₹7,500 per month. The EPFO ​​has now increased it to ₹15,000 per month. This significant decision was taken following a Supreme Court directive. This will provide relief to retired employees who had high salaries but received a lower pension amount due to the pension limit.

3. Pension will now be available from the age of 50.

The minimum age for pension withdrawal, which was previously 58 years, has been reduced to 50 years. This means that employees can now begin receiving pensions from the age of 50. However, the amount may be slightly reduced if they withdraw their pension early.

4. Pension Claims Now Available Online

EPFO has further strengthened its digital platform. Now, all pension claim processes, such as filling out forms, uploading documents, and obtaining approval, can be completed through the EPFO ​​website or mobile app. Previously, pension claims took months to process; now, this process will be completed within a few weeks.

5. There will be no loss in pension even if you change jobs

EPFO has simplified pension portability. Now, if an employee changes jobs, their previous service will automatically be added to their new job record.