InvestorQ : Who is eligible to avail benefits under the Employees’ Pension Scheme (EPS)?
Anjali Desai made post

Who is eligible to avail benefits under the Employees’ Pension Scheme (EPS)?

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Gauravi Patel answered.
2 years ago
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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.

The EPS makes provisions for employees working in the organized sector for a pension after their retirement at the age of 58 years.

To be eligible for availing benefits under the EPS, an individual has to fulfill the following criteria:

  • He/she should be a member of EPFO
  • He/she should have completed 10 years of service in the organised work force
  • He/she should have attained 58 years of age
  • He/she can also withdraw his/her EPS at a reduced rate from the age of 50 years
  • He/she can also defer his/her pension for two years (up to 60 years of age) after which he/she will get a pension at an additional rate of 4% for each year
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image
Gauravi Patel answered.
2 years ago
Follow

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.

The EPS makes provisions for employees working in the organized sector for a pension after their retirement at the age of 58 years.

To be eligible for availing benefits under the EPS, an individual has to fulfill the following criteria:

  • He/she should be a member of EPFO
  • He/she should have completed 10 years of service in the organised work force
  • He/she should have attained 58 years of age
  • He/she can also withdraw his/her EPS at a reduced rate from the age of 50 years
  • He/she can also defer his/her pension for two years (up to 60 years of age) after which he/she will get a pension at an additional rate of 4% for each year
1 Views