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What is EPS – Employees Pension Scheme Explained

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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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