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EPS – Employee Pension Scheme and it’s benefits
Manage episode 294851690 series 2934648
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The Employee Pension Scheme is an add-on to the Employee Provident Fund (EPF) subscription. A subscriber (employee) to the EPF contributes 12% of the Basic Salary + Dearness Allowance. The employer matches the contribution of 12%, of which 8.33% is contributed to EPS and 3.67% is contributed to EPF. The 8.33% contribution by the employer has multiple advantages for the subscriber.
The major advantages of EPS scheme for employees are:
Pension on retirement age
Pension on leaving service before becoming eligible
Pension on disability during service
Pension for the family on death:
Early Pension:
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