The Central Government also contributes under the Employees’ Pension Scheme at the rate of 1.16 percent of the salary of the members, which is directly deposited in the employees’ treasury. If the member’s salary exceeds Rs 15,000 per month, the contribution payable by the employer and the Central Government will be limited to the amount payable only on his salary of Rs 15,000.
Employees Pension Scheme (EPS) was launched on 16 November 1995. All employees of factories and other establishments have been covered in this scheme. Under the Employees’ Provident Fund Scheme, a part of the contribution of 8.33 percent of the employee’s salary is sent by the employer to the Employees’ Pension Fund within 15 days.
The Central Government also contributes under the Employees’ Pension Scheme at the rate of 1.16 percent of the salary of the members, which is directly deposited in the employees’ treasury. If the member’s salary exceeds Rs 15,000 per month, the contribution payable by the employer and the Central Government will be limited to the amount payable only on his salary of Rs 15,000.
Eligibility criteria
- The employee has to serve at least 10 years to get pension benefits under the EPS 95 pension scheme.
- The retirement age is 58 years.
- Members can also withdraw their EPS at the rate below the age of 50 years.
- If an employee has completed less than 10 years of service. But after the service of more than 6 months, he can withdraw the EPS amount if he remains unemployed for more than two months.
- If an employee is completely unable to serve, he is entitled to monthly pension, notwithstanding that he has not completed the pensionable service period and is payable for his lifetime.
- In case of death of the member while in service, the family of a member also becomes eligible for pension benefits.
Benefits under this scheme
- In case of no family under EPS 95, pension is given to the nominee for the entire life paid on the death of the member.
- On the death of a member, a lifelong pension equal to the monthly widow pension to be paid to the dependent father/mother. But the member should not have any family or nominee.
How to Apply for EPS Enrollment Digitally –
- Visit the EPFO website and select the option ‘Services for Employees’.
- Click on Member UAN / Online Service (OCS / OTCP).
- Now login with UAN and Password.
- Select e-nomination under ‘Manage Tab’.
- Provide details tab will appear on the screen. Now click on save.
- Click on ‘Yes’ to update the family declaration.
- Click on Add Family Details. (More than one nominee can be added) –
- Click on ‘Nomination Details’ to declare the total amount of shares. After that click on ‘Save EPF Nomination’.
- In the next step, check ‘e-Sign’ to generate OTP. ‘OTP’ will be sent to the mobile number linked to Aadhaar. After these steps now your application will be completed.
