EPFO, Employees’ Pension Scheme, EPS: EPFO is now running an EPS scheme for PF employees. There is a provision to give PF employees a pension every month after retirement through the EPS scheme. EPFO members benefit from a monthly pension based on service and salary. The EPS scheme was started by EPFO in 1995 and benefits many employees.
The most memorable thing about the scheme is that if the pensioner dies for any reason, then any family member will be able to receive its benefit. To get a pension, the employed in the organised sector must retire regularly. If you want to benefit from EPS, first understand some essential things that will end all the confusion.
Important things related to EPS
Some essential things must be understood to benefit from the EPFO’s EPS scheme. For example, the employee should have invested in the EPF account for at least 10 years. This means that a part of the PF employee’s salary is invested in the EPF and EPS schemes.
Most importantly, EPF members contribute 12% of their basic salary to the Employees Provident Fund during their jobs. The company also seems to contribute the same amount. However, the company’s contribution is divided into two parts: 8.33% is deposited in EPS and 3.67% in PPF.
According to the provisions of EPS, any scheme member becomes eligible for a pension after completing 10 years of contributory membership. He can also avail himself of the pension benefit after age 58.
The speciality of the EPS scheme
First, to get a pension, the minimum job period must be 10 years.
Apart from this, the age for starting a pension is 58 years.
The minimum monthly pension should be Rs. 1,00, and a maximum monthly pension of Rs 7,50 is also being demanded.
The central government fixed the minimum pension at Rs 1,000 per month under EPS-1995 in 2014. However, now,, the minimum pension after retirement under the EPS scheme is being demanded to7,500. The government has not yet agreed to this.
vipin kumar
Vipin Kumar is An experienced journalist with 8 years in the media industry, having worked with prominent news platforms including Dainik Jagran and News24. Currently serving at Timesbull.com for almost four years, dedicated to delivering truthful, transparent, and people-centric news that informs and empowers readers. Committed to transparent, ethical, and...
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