What is EPS – Employees Pension Scheme Explained
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
Sankara Narayanan is a retired Enforcement Officer from Provident Fund Organization Madurai., He has worked nearly 35+ years in Employees Provident Fund Organization and has extensive experience in PF Withdrawal Claims, PF Account Transfer and other areas related to EPF
https://www.linkedin.com/in/sankara-narayanan-4667385a/
Not an official EPFO site. Verify on epfindia.gov.in.