What are the statutory pension benefits in India?

The statutory pension benefits in India are defined primarily by the Provident Fund, a mandatory contribution system from both the employer and the employee. Key points to note include:

• The retirement age is generally 58 years old, but it is 60 in Karnataka as per the Model Standing Orders.
• There is no mandatory retirement age for employees of private businesses; retirement ages are typically determined by mutual agreement between the employer and the employee.
• Both the employer and the employee contribute to the Provident Fund. This contribution forms part of the employee's Cost to Company (CTC).
• The employee's Provident Fund contribution is deducted from their gross salary and is tax-exempt up to a maximum of INR 150,000 per annum (as of December 2022).