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Need to know how Employees Pension Scheme works
03-Jan-2023 (In Labour & Service Law)
Hi There, I need to know how Employees Pension Scheme works, I am contributing money from last three years in my prvious company and now I have shifted to another company, I got to know that EPF account will not change but I am not getting whether it will be the same case for Employees Pension Scheme also, I can check my balance online for EPF but not for EPS, Please help,
As discussed in our article Basics of Employee Provident Fund: EPF, EPS, EDLIS 12% contribution from your side goes to EPF, but the 12% contribution which your employer makes, out of that 8.33% actually goes in EPS (subject to maximum of Rs 541 and after Oct 2014 Rs 1250) and the rest goes into EPF. But there is more to Employee Pension Scheme such as how much pension can one get(maximum after 35 years of service is Rs 3250), EPS portion does not earn any interest, after 10 years you cannot withdraw instead you get scheme certificate, withdrawal amount depends on number of years of service.
Employees’ Pension Scheme (EPS) of 1995 offers pension on disablement, widow pension, and pension for nominees. EPS program replaced the Family Pension Scheme (FPS) of 1971. When an employee joins an establishment covered under the Employees Provident Funds & Miscellaneous Provision Act, 1952 (s)he becomes a member of Employees Provident Fund Scheme (EPF), Employees’ Pension Scheme (EPS) 1995, Employees Deposit Linked Insurance Scheme (EDLIS ) , 1976 . The EPS act in pdf format can be read at EPFO’s EPS webpage or Employees’ Pension Scheme, 1995 (pdf) and FAQ on EPS at EPF webpage.
Employees’ Pension Scheme (EPS) of 1995 offers pension on disablement, widow pension, and pension for nominees. EPS program replaced the Family Pension Scheme (FPS) of 1971. When an employee joins an establishment covered under the Employees Provident Funds & Miscellaneous Provision Act, 1952 (s)he becomes a member of Employees Provident Fund Scheme (EPF), Employees’ Pension Scheme (EPS) 1995, Employees Deposit Linked Insurance Scheme (EDLIS ) , 1976 . The EPS act in pdf format can be read at EPFO’s EPS webpage or Employees’ Pension Scheme, 1995 (pdf) and FAQ on EPS at EPF webpage.
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Adv. Siddhant Sharma
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