Not sure how much Rs 3,250/month would mean to you when you cross 58 yrs.. But here you go with the details on EPF – Pension Scheme
Do you know that there are two elements in EPF- one is called EPF and other is EPS. The EPF is actually for your provided fund and EPS is for your pension. The 12% contribution from your side goes to EPF, but the 12% contribution which your employer makes, out of that 8.33% actually goes in EPS (subject to maximum of Rs 541) and the rest goes into EPF. So understand it this way, a part of your employer contribution actually makes up your pension corpus. But there are some caveats to this.
■One is liable for pension only if one has completed the age of 58.
■One is liable for pension only if he has completed 10 yrs of service (in case of more than one companies, the EPF should have been transferred, not withdrawn)
■The maximum Pension per month is subject to maximum of Rs 3,250 per month.
■Lifelong pension is available to the member and upon his death members of the family are entitled for the pension.
More details can be found here..