EPS stands for Employees’ Pension Scheme. It is a social security scheme provided by the Employees’ Provident Fund Organisation (EPFO). All ... Read more
EPS stands for Employees’ Pension Scheme. It is a social security scheme provided by the Employees’ Provident Fund Organisation (EPFO). All employees who are eligible to contribute to EPF are eligible for EPS.As per current laws, an employee contributes 12 per cent of his/her monthly salary (basic plus dearness allowance) to his/her EPF account and the employer matches this contribution. Out of the employer's contribution, 8.33 per cent is contributed to EPS account subject to a maximum of Rs 1,250 per month. The remaining 3.67 per cent along with the employee's own contribution goes into the EPF account. The 8.33 per cent contribution by employer to EPS is made on a monthly salary of up to Rs 15,000 which calculates to a maximum of Rs 1250 (8.33 per cent of Rs 15,000). The Member ID of the EPF account acts as the EPS account as well. Your EPF, as well as, EPS contributions are deposited under the same Member ID.*Disclaimer Statement: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.
- EPFO extends deadline to opt for higher EPS pension; last opportunity to apply
The Employees Provident Fund Organisation (EPFO) has extended the deadline for the third time to apply for higher EPS from June 26, 2023 previously. The option to apply for higher EPS is available online on the member Sewa website and is available irrespective of whether the EPF account is held with the private trust or EPFO. - What is the formula to calculate EPS pension
The formula to calculate pension under Employees' Pension Scheme (EPS) was tweaked by the Employees' Provident Fund Organisation (EPFO) in 2014. Further, the EPFO has released a circular clarifying the method of pension computation for those who opt for higher EPS pension. Read on to know the formula for EPS pension calculation. - ADVERTISEMENT
- Higher pension: 8,897 beneficiaries have applied online, says EPFO
- How eligible employees can apply for higher pension under EPS on EPFO portal: A step-by-step guide
Employees Provident Fund Organisation has activated the link on the Member e-Sewa portal for the eligible EPF members to submit their application for higher pension under Employees' Pension Scheme. Here is a step by step guide on how to submit application for higher pension under EPS on the EPFO portal. - EPFO circular on higher pension under EPS; read the full guidelines here
- EPFO issues guidelines for higher pension from EPS: Know where, how to apply
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- EPFO issues circular on higher pension, clarifies which employees are eligible and how to apply
- How to check pension status on EPFO portal
- EPFO mulling new pension scheme for formal workers getting over Rs 15K basic wage
- To keep EPFO viable, officials give House panel radical idea
Sources said officials told the panel that EPFO had over 23 lakh pensioners drawing Rs 1,000 per month even when their contributions to the fund corpus had been less than a fourth of the benefits they were drawing. They also said this would be unviable for the government to support in the long run, unless a system of “defined contributions” was put in place. - EPFO extends deadline to submit life certificate by pensioners till February 28
"In view of the ongoing COVID-19 pandemic and the vulnerability of elderly population to coronavirus, the Employees' Provident Fund Organisation (EPFO) has extended the time limit up to 28th February 2021 for submission of Life Certificate (Jeevan Pramaan Patra-JPP) in respect of the Pensioners drawing pension under EPS 1995 (Employees' Pension Scheme-1995) and whose Life certificate is due in any month till February 28, 2021," a labour ministry statement said. - EPFO pensioners to get pension calculation statement: Move aimed at reducing grievances
- Row as EPFO denies higher pension to all
- EPFO directs field offices to settle pension on retirement day: Bandaru Dattatreya
- Last date for EPFO pensioners to submit life certificates is January 15
- EPFO pensioners can give digital life certificates till March 31
- EPFO pensioners can give digital life certificate till February 28
- Age limit under EPFO pension scheme may be raised to 60
- Change in EPS rule for calculating lump sum withdrawal amount on early exit: Who benefits, who loses?
Pension amount in EPS: The government via notification dated June 14, 2024 has revised the table used for calculating lump sum withdrawal amount. A member of Employees' Pension Scheme (EPS) can withdraw lump sum amount if he/she exit the scheme before completion of 10 years. Read on to know who gains and who loses from the new pension scheme rule. - Pensioners generate 1.15 crore digital life certificates: Centre
An analysis of the age-wise generation of DLCs reveals that more than 24,000 pensioners above the age of 90 years used digital mode, the statement said. The leading states for DLC generation are Maharashtra, Uttar Pradesh, and West Bengal, having generated 5.07 lakh, 4.55 lakh and 2.65 lakh DLCs, it said. - DPIIT organises workshop on funds for startups
- Can EPS-95 family pensioners apply for higher pension?
The Supreme Court has allowed certain employees to apply for higher pension from Employees' Pension Scheme (EPS). However, it may happen that an individual is receiving family pension from EPS. Can he or she apply for higher EPS pension now? Read on to know more about whether family pensioner can apply or not - EPS-95 pensioners to go on hunger strike on Thursday, demand Rs 7,500 minimum monthly pension
Pensioners body EPS-95 National Agitation Committee on Wednesday said its members across the country and in the national capital will go on hunger strike on Thursday to press for their demand of Rs 7,500 minimum monthly pension. Presently, the pensioners under the Employees' Pension Scheme 1995 (EPS-95) run by Employees' Provident Fund Organisation (EPFO) have a minimum monthly pension (entitlement) of Rs 1,000 which was introduced in September 2014. - Investing in passive funds? Keep it simple and don’t overthink: Pratik Oswal
Pratik Oswal emphasizes simplicity in passive funds like ETFs and index funds, suggesting investing without overthinking. He highlights the dominance of Nifty 50 and Sensex in passive funds due to pension funds' influence. Oswal recommends keeping basics in the portfolio. He also says, small and midcaps offer a lot more stability now than they did say 5 or 10 years ago. - EPFO defers equity investment cap hike
- Rs 1,000 minimum monthly pension for EPFO members inadequate, says Par panel
The panel said it becomes imperative on the part of the Ministry of Labour and Employment to pursue the matter with the Ministry of Finance for obtaining adequate budgetary support as recommended by the High-Empowered Monitoring Committee, besides impressing upon the EPFO (Employees' Provident Fund Organisation) to make an actuarial assessment of all its pension schemes so that the monthly member pension is enhanced to a reasonable extent. - EPFO disburses Rs 868 crore of pension along with Rs 105 crore arrears for commutation
- Does pension from EPFO qualify for standard deduction?
- Govt notifies higher pension for 6.3 lakh EPS pensioners who opted for commutation
- EPFO to discuss making EPF optional for apparel workers
- EPFO may give subscribers option to increase stock investments in new year
- Posts offices can do employment registration, issue digital life certificates
- Will go public in next 15-18 months, says SBI Mutual Fund CEO
- EPFO mulls medical benefits for its pensioners
- EPFO joins CSC network; pensioners can now submit digital life certificates via CSC networking points
- EPFO defers decision to hike investments in ETFs to 15%
- EPFO considering minimum pension of Rs 1,000
- EPFO extends deadline for submitting Aadhaar till March 31
- D V Sadananda Gowda launches Rs 1000 minimum monthly pension scheme in Gujarat
- EPFO launches online PF transfer facility for PF trusts
- Employees' Provident Fund Organisation may allow pledging PF contributions to buy low-cost house
- BJP plans Rs 2 lakh crore construction projects in UP ahead of polls
- RCAM's assets under management rises by Rs 7,000 cr in April-June
- Unions fume over suspension of Rs1,000 minimum monthly pension
- Decision fixing minimum pension to Rs 1,000 for EPF to be considered: Govt
- 10-year benchmark expected to stay range bound
- Employees, employers differ on Rs 1,000 pension in EPF scheme
- EPFO may fix minimum pension at Rs 1,000 per month tomorrow
- EPFO may fix minimum pension at Rs 1,000 at Feb 22 meeting
- Hike contribution to ensure Rs 1,000 minimum pension: EPFO to GovernmentHike contribution to ensure Rs 1,000 minimum pension: EPFO to GovernmentIn the present scenario, Central Government contributes 1.16 per cent of workers' basic wages (basic pay plus dearness allowance), towards EPS-95 fund.
- EPFO defers decision on fixing minimum pension at Rs 1,000EPFO defers decision on fixing minimum pension at Rs 1,000Retirement fund body EPFO today deferred a decision on raising the minimum monthly pension to Rs 1,000 for its subscribes.
- Time to bond with the best and expand debt marketTime to bond with the best and expand debt marketWorld over firms have relied on bond sales to fund projects. India has been an exception.
- EPFO may fix minimum pension for members at Rs 1,000 per monthEPFO may fix minimum pension for members at Rs 1,000 per monthThe hike in contribution will be over-and-above the 8.33 per cent contributed by employers toward the pension account of employees.
- PFRDA may ask govt to share NPS costsPFRDA may ask govt to share NPS costsThe pensions regulator may ask the government to partly meet the account maintenance costs of its recently-launched new pension system (NPS) aimed mainly at the country’s poor.
- EPFO to use Aadhaar-based cash transfers in 43 districts by December 31EPFO to use Aadhaar-based cash transfers in 43 districts by December 31In a directive, labour ministry has told EPFO to embed the Aadhaar number in bank accounts of beneficiaries in 43 districts by Dec 31.
