A considerable fraction of members of the government's ambitious Employees' Provident Fund (EPF) scheme are unaware of the fact that they are eligible for a monthly pension for life after they turn 58, an online survey revealed.

The online survey conducted last month by economictimes. com revealed that nearly 59 per cent of EPF members admitted that they were not aware that private-sector employees covered under the EPF scheme are also eligible for lifelong pension. And after them, their spouse would get pension for life.

The survey also revealed that more than 30 per cent of the respondents had already contributed 65,000-100,000 thousand to the EPF scheme.

Those who have completed a minimum of 10 years of service can start receiving pension from the pool after they turn 58. The amount of pension will depend on the number of years and the amount they had contributed to the scheme as well as their basic pay at the time of their retirement.

The amount that deducted by the government every month is so small that most employees do not even notice it. It is merely 8.33 per cent of the employer's contribution, with an annual cap of 6,500.

But, even a small monthly contribution of 541, at a modest interest rate of 8 per cent, can become a big figure of more than 12 lakhs in thirty-five years.