InvestorQ : Can every employed individual avail benefits of the Employees’ Pension Scheme (EPS)?
shivani Walawalkar made post

Can every employed individual avail benefits of the Employees’ Pension Scheme (EPS)?

Answer
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Anusha Savla answered.
1 year ago


The Employees’ Pension Scheme (EPS) is a social security scheme provided by the Employees Provident Fund Organisation (EPFO) to build a retirement corpus for an individual.

Under this scheme, the individual contributes 12% of his/her salary towards EPF, and the employer matches this contribution. Some part of the 12% that the employer contributes is then invested with the EPFO towards the individual’s EPS. The EPS makes provisions for employees working in the organized sector for a pension after their retirement at the age of 58 years.

Coming to your question, no, every employee cannot avail benefits of the EPS as one needs to have had provided service for at least 10 years before availing any benefits.