EPS otherwise known as Employees Pension scheme is one of the flaghship schemes of EPFO. It was started in 1995 and it’s designed to assure Employees get a minimum pension after their retirement or after 10 years of service.(subject to some conditions)
Features of EPS
- 8.33% of the Salary(Basic+DA) contributed by the Employer
- 1.16% of the Salary contributed by the Central Govt
- Pension to Member
- Pension to Family Member (On Death)
- Scheme certificate for a member (who has not attained 58 years of age)
- EPS Pension is eligible for a member only after 10 yrs of service and 50 age
- LifeLong Pension for the EPF Member
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