Do you qualify for higher pension under employees’ provident fund?3 min read 14 Feb 2023, 11:25 PM IST
As a member of the EPF scheme, an employee is entitled to receive a lump sum amount at the time of retirement (provident fund), pension after attaining the age of 58 years (pension fund) and insurance benefits in case of death while in service.
The Employees Pension Scheme was introduced by the government in 1995. Since its inception, the scheme has gone through multiple amendments and has been riddled with countless litigations. One such battle lasted for more than two decades and was finally put to rest on 4 November by the Supreme Court. The apex court’s judgment was soon followed by a circular from the government on 29 December, outlining what eligible employees should do.