Employee Provident Fund Organization (EPFO)

Overview

The Employee Provident Fund (EPF) is a pension fund for the workforce engaged in the organized sector in India. In this case, the corporate contributes on behalf of the employee with an aim of retirement planning of the employee.

ICICI Bank has entered into a deal with the Employee Provident Fund Organization, whereby the individual pensioners could receive their monthly pensions through their ICICI Bank accounts.

Features

• Monthly benefits for superannuation/ retirement, disability, survivor, widow(er), children.
• A member who is permanently and totally disabled during the employment shall be entitled to a minimum pension
• Amount of pension based on average salary during the preceding 12 months from the date of exit and total years of employment
• In case of the death of subscriber monthly pension would continue to dependents
  • Widower's pension:- Monthly widow pension shall be payable up to the date of death of the widow or remarriage whichever is earlier
  • Children's pension:- If there are any surviving children of the deceased member, Monthly children pension shall be payable until the child attains the age of 25 years

Eligibility

• Anyone working in the organized sector
• Age group - 18 to 60 years of age