Can pension scheme benefits be availed from EPF?

The Employee Provident Fund (EPF) is primarily a savings scheme for employees, but it also incorporates components that can lead to pension benefits through the Employee Pension Scheme (EPS). Under the EPS, employees who have contributed to the EPF may be eligible to receive pension benefits upon reaching retirement age, provided they fulfill certain conditions such as having a minimum period of service.

This structure aims to ensure that employees have a financial safety net post-retirement, thereby enhancing their long-term financial security. The EPS is designed to provide regular pension payments to eligible employees, ensuring they receive a fixed income after they stop working. The linking of EPF contributions to EPS is what allows members to access these pension benefits, making option B the correct answer.

Other options may imply limitations that do not align with the provisions of the EPS. For instance, stating that EPF does not offer pension benefits overlooks the established mechanism that enables pension payouts through EPS. Moreover, the notion that only government employees can avail pension benefits is incorrect, as EPS covers a broader category of employees in the organized sector, not limited to government roles. Lastly, suggesting that pension benefits are only available for employees with over ten years of service does not encompass the full range of eligibility criteria established by EPS