Here’s How to Check Pension Status
If you are a member of the Employees’ Provident Fund and your retirement is near or you have already retired, you must be wondering about your pension amount under the Employees’ Pension Scheme,1995 (EPS). You will be provided with a 12-digit number under this scheme through which you can check the status of your pension on the official portal of the Employee Provident Fund Organisation. Keep reading to learn how you can check your pension status in detail.
Steps to Find Pension Payment Order (PPO) Number
To check your pension status the first and foremost thing that you need is the PPO number. Follow the simple steps mentioned below to find your PPO number to check pension status online:
Step 1: Visit the official EPFO Portal
Step 2: You need to click on the Pensioner’s portal under the services tab
Step 3: Now, a new page will appear on your screen with a message i.e. ‘Welcome to Pensioners Portal. ‘Click ‘Know your PPO number’ which you can easily find on the right side of the page
Step 4: You need to know either your bank account number or PF number.
Step 5: After this, a PPO number, Member ID, and pension type will be allotted to help you check your pension status online
What is a PPO Number and Why do you need it?
According to the Central Pension Accounting Office (CPAO), the first 5 digits of the 12-digit PPO number consists of the PPO issuing authority’s code number, the next 2 digits refer to the year in which the PPO number was issued, the next 4 digits refers to PPO’s sequential number, and the last digit refers to the check digit which is mainly for computer’s purpose. A PPO number acts as a reference number that is required for any sort of communication to be made to CPAO.
Checking Pension Status Online through EPFO Portal
Once, you have found out your pension number. All you need to do is follow the six simple steps mentioned below to check Pension Status online via the EPFO portal:
Step 1:Visit the official website of EPFO and log in with your credentials
Step 2: You need to click on the Pensioner’s portal under the online service section
Step 3: Now, you will see a new page appearing on your screen with the ‘Welcome to Pensioners Portal‘ message
Step 4: Now, you have to click on ‘Know Your Pension Status’ is mentioned on the right side of the page
Step 5: As the last step, you have to select your office, your office ID, and your PPO number.
Step 6: Once done, you have to click on the ‘Get Status’ option to know the status of your pension.
Eligibility for Employee Pension Scheme
Below are a few conditions that must be met to be eligible for Employee Pension Scheme:
- You must be a member of the Employees Provident Fund Organization.
- It is imperative that you must be above 50 years of age and must have completed 10 years of service to be eligible for an early pension under Employee Pension Scheme.
- The eligibility criteria for a normal pension is that you must be at least 58 years of age.
- In case of the unfortunate event of the death of the pension holder, the family members of the deceased become eligible for the pension amount
What are the Various Types of Pensions under the Employee Pension Scheme?
Take a look at the below-mentioned various types of Pensions under the Employees’ Pension Scheme (EPS):
- Widow Pension
Under this pension scheme, the widow of the pension holder becomes eligible for availing of the pension amount. The widow will be receiving the pension until she dies or decides to remarry. - Child Pension
In case of the pension holder’s death, the surviving children of the family become eligible for availing the pension amount along with the monthly widow pension. The child will be receiving a pension until the age of 25 years. - Orphan Pension
EPFO members’ children will be entitled to receive the pension amount in case the member dies and there’s no surviving widow/ They will be receiving the monthly orphan pension of 75% value of the monthly widow pension amount. This benefit will only apply to the two surviving children. - Reduced Pension
There’s a possibility of withdrawing an early pension in case the member has completed 10 years of service and is 50 years old but not more than 58 years. In such a case, the pension amount comes slashing down at the rate of 4% each year until the member reaches the age of 58 years.
Pension Forms
Below are the types of pension forms that you need to submit for withdrawing the pension amount:
- If you are an EPFO member and want to withdraw your pension before 10 years of service, you need to submit Form 10C.
- For monthly pension withdrawal after 50 years of age and monthly widow pension, child pension, etc., you need to submit Form 10D.
- If you are a pensioner or a guardian, you will have to sign a Life Certificate form claiming that you are alive. This form is required to be submitted where your pension account is active every year in the month of November to the bank manager.
- If you are a widow, you will have to submit a declaration i.e. Non-Remarriage Certificate that you are not remarried every year in November to the bank manager.
Conclusion
It can be seen that Employee Pension Scheme is a great way to save money for a better financial future. Not only this, but EPS also helps you to save taxes when you earn interest.
For more information on anything related to Banking & Financial Services, visit the Piramal Finance website today! Make sure your financial knowledge is up to date on essential services and products, such as personal loans and financial calculators, by reading the informative blogs on their website.