WHAT ARE THE BENEFITS OF EMPLOYEES PENSION SCHEME ?

 

WHAT ARE THE BENEFITS OF EMPLOYEES PENSION SCHEME ?

1. Receive pension on retirement

Once you complete 58 years of age, you become eligible to retire. If you have served the mandatory 10 years of service period in the company, then you can avail the pension after retirement.

2. Receive pension on leaving service before becoming eligible for monthly pension

If you have served the mandatory 10 years of service period, then you can withdraw the entire pension fund before completing 58 years of age.

3. Receive pension on total disablement within the service tenure

As a member of the EPFO, you receive a monthly pension in the event of permanent disability.

4. Pension for the family after you

In case of death, your family dependants will receive the monthly pension.

WHAT ARE THE TYPES OF PENSIONS UNDER THE PENSION SCHEME?

1. Widow Pension

In this case, the widow of the member of EPS receives the pension.

2. Child Pension

In this case, the widow and children of the member of EPS receive the pension.

3. Orphan pension

In this case, the children of the member of EPS receives the pension.

4. Reduced pension

If you have withdrawn an early pension, then the pension you receive in retirement is slashed by 4% every year.

HOW TO CHECK YOUR EPS AMOUNT?

As a member, you can check the balance amount in your EPS account with EPF Passbook. In the last column of the passbook, you will find EPS contribution deposited by the employer every month. You can also log into the EPS Passbook portal and check the status online.

WHAT ARE THE VITALPOINTS?

• The employer makes a contribution of 8.33% of the employee’s pay for EPS
• All the contributions made in the Employees’ Pension Scheme (EPS) account are to be done by the employer
• The employer must make the contribution within 15 days of the close of every month
• The employee’s pay consists of basic wages with dearness allowance, retaining allowance and admissible cash value of food concessions
• All applicable contribution cost must be paid by the employer

FAQS

1. How to find EPS account number?

A. The Member ID of the EPF account works as the EPS account number.

2. How can I do EPS transfer online?

A. EPS transfer can be done online with Composite Claim Form. You must log in to the EPF Member Portal and apply for EPF transfer on the job change.