PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Asso.prof.(commerce & Management)
Doctor Siva Global Hr
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loginmiraclelogisticsAbout 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
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