New Delhi, May 27 -- The Employees' Provident Fund Organisation (EPFO), which administers the government's retirement savings scheme for salaried individuals, provides pension benefit for all subscribers who have an account for more than 10 years. This is because of the 12% contribution to your EPF account by employer, 8.33% is directed towards your pension, i.e. EPS account.

According to the Employees' Pension Scheme 1995 (EPS 1995), a member who joins at 23 years and superannuates 58 years old, and contributing to the wage ceiling of Rs.15,000 may receive around Rs.7,500 per month as pension for 35 years of service. (Pensionable Salary X Pensionable Service)/70 = (15000x35)/70 = 7500

Notably, you can choose to delay pension payments t...