The full form of EPS is Employee Pension Scheme, a social security scheme under the Employees’ Provident Fund Organisation (EPFO). EPS provides pension benefits to employees after retirement, ensuring a steady income post-retirement. What Is the Employee Pension Scheme ( EPS )? Started in ’95 under India’s labor laws, EPS provides pension based on how long you worked and what you earned. Payments typically begin at age 58, and if you pass away, your family may get support. The EPFO manages it, mainly through employer money. Who Is Eligible for EPS? What is Employee Pension Scheme? The Employees’ Pension Scheme ( EPS ) 1995 was launched by the Employees’ Provident Fund Organisation (EPFO) on 19th November 1995. It helps employees receive a monthly pension after they retire. Once a member turns 58, they can claim their pension through the EPFO. What is the Employee Pension Scheme ( EPS )? The Pension scheme pays a pension to the employees who are members of EPFO and have contributed to the EPS account. On the death of an employee, pension continues to be paid to the nominee. Employee’s don’t contribute to the EPS account.
