Employee Pension Scheme (EPS ) – Eligibility, Benefits and Calculation

Employee Pension Scheme (EPS): A crucial component of retirement planning, EPS ensures financial security for employees post-service. Eligibility Criteria: Accessible after 10 years of service, members must be part of EPFO, with retirement benefits at 58 years.

Contributions: Employers contribute 12% of salary; 8.33% goes to EPS, based on a maximum salary of INR 15,000. Pension Calculation: Monthly pension calculated using pensionable salary and service duration, ensuring a steady income flow.

Types of Pensions: Includes widow, child, orphan pensions, and reduced pension options based on withdrawal age. Extension Option: Option to extend benefits till 60 with a 4% increase per year.

Withdrawal Flexibility: Withdrawals possible from age 50 or if unemployed for over two months. Checking EPS Amount: Access EPS details via EPFO portal using UAN and password for member passbook access.