There is really a pension! At a summary level, one-seventieth of the PF wages (currently up to the maximum of 15,000 INR per month) for each year of service is the pension formula. There is a maximum of 50% of the PF wages and a minimum pension of 1,000 INR per month. One has to have at least 10 years of EPS contributions to qualify for a full pension at age 58. As the earnings threshold increases, so will the pension amount.

Many perceive the EPF as an important long term savings vehicle. With the EPFO and the benefits rapidly evolving, it is important that members actively monitor their EPF benefits in the future and the role it plays in their short and longer terms financial plans.

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