Sir What is the criterion for obtain of pension amount for an employee under EPF Act. Please clarify.
From India, Warangal
Loginmiraclelogistics & Management)
Doctor Siva Global Hr

Use factoHR and automate your HR processes

Mobile-first hire to retire HR and Payroll software that automates all HR operations and works as a catalysts for your organisational growth.


About Employee Pension Scheme (EPS):
For the employee pension fund,

The EPS is a scheme by the Employee's Provident Fund Organization (EPFO), which aims at social security. This scheme is for the pension of the employees working in the organized sector, after their retirement at 58 years.
12% of the salary of the employer's contribution in respect of a member of EPF a/c is divided into -
3.67% credited to employees' EPF A/c.
8.33% for EPS,
The pension contribution in the EPF passbook is the amount deposited by the employer every month in the EPS account of the employee. It comes to be around ₹ 1250 every month depending on the length of the service/salary & contribution of the employees.

From India, Bangalore

Dear Colleague,
In addition to what the learned member shared:

EPS Eligibility Criteria

To become eligible for availing benefits under the Employees’ Pension Scheme (EPS), the mebmer in EPS has to fulfil the following conditions:

1. should be a member of EPFO

2. should have completed 10 years of service

3. has reached the age of 58

4. can also withdraw his EPS at a reduced rate from the age of 50 years

5. can also defer his pension for two years (up to 60 years of age) after which he will get a pension at an additional rate of 4% for each year

From India, Chennai

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views.

About Us Advertise Contact Us Testimonials
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2022 CiteHR®

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server