A retirement benefit offered to employees of the Employee;s Provident Fund Organization (EPFO) is the Employee Pension Scheme (EPS 95). EPS 95 Pension Scheme 2025 Eligibility requirements include being an EPFO member, having served for at least ten years, and being at least 58 years old. According to experts, at 50, you can also receive a reduced pension. Experts claims that the minimum pension amount could be raised to Rs. 7,500 per month.
EPS 95 Pension Scheme
In November 1995, the Employees’ Provident Fund Organization created the EPS-95, which is still in use today, to give pensions to employees who work in the organized sector once they retire. The primary goal of its introduction was to give workers financial stability during and after retirement.
The Ministry of Labour & Employment announced on May 3, 2023, that employees who want to receive a higher pension under the EPS will no longer be required to contribute additional funds; instead, they will be deducted from the employer’s 12% EPF contribution.
A parliamentary committee has suggested increasing the minimum pension from Rs.1,000 per month under the EPS-95 to Rs. 7,500 with DA. The CPPS was put into effect on January 1, 2025, for the convenience of the retirees, allowing them to pick up their benefits from any bank branch.
What is E.P.S 95 scheme?
A form of social security program known as EPS 95, or the Employee Pension Scheme 1995, was introduced on November 19, 1995, by the Employees’ Provident Fund Organization (EPFO). Employees will get benefits from the EPS once they retire, when an employee reaches the age of 58, the EPFO helps them get a pension and oversees the administration.
EPF members, both new and old, are eligible for the EPS benefits. In this case, the company and employee each contribute 12% of the worker’s income, which includes both base pay and DA, to the plan. The entire amount contributed by the employee to this scheme every month, 8.33% of the employer’s payment then goes to the EPS, with the remaining 3.67% going to the EPF on top.
EPS 95- Eligibility Criteria
- You must have worked for the firm for at least ten years to be eligible for this benefit.
- The retirement age is 58.
- Beginning at age 50, members are also eligible to withdraw their EPS at a reduced rate.
- If an employee has fewer than ten years of experience. However, if they had been employed for more than 6 months, they are eligible to withdraw the EPS amount after more than 2 months of unemployed.
- Employees who become physically handicapped are eligible to a monthly pension, which is paid for the duration of their lives, regardless of whether they have completed the pensionable service term.
- To find out if his impairment makes him unfit for the employment he was doing prior to it, the member might need to undergo a medical assessment.
- If a member’s death while serving, their family also qualifies for pension payments.
Minimum Pension Amount
One receives a minimum monthly pension of Rs. 1,000 via EPS; the exact amount is determined on the retirement type and number of service years. It is required to have served for at least 10 years in order to get benefits under this program; benefits are available for up to 35 years, regardless of how much longer a person has served.
The higher pension amount is dependent on real pay and contributions; the typical EPS benefits for 30 years of service are Rs. 6,428 rupees. Pensionable Salary × Pensionable Service ÷ 70 is the formula used to determine the amount of pension under the EPS.
Benefits of Employee Pension Scheme
These are the main advantages of EPS:
- It provides a fixed income at age 50 for early retirement or at age 58 for full retirement.
- Members who have been completely or permanently incapacitated are eligible to receive a monthly pension, even if they were unable to complete the pensionable service time.
- For those who leave service 10 years before they reach 58, it allows them to withdraw the full amount of their pension at that age.
- If the member sadly passes away before or after the pensionable service time, it gives the member’s family the pension amount.
How to Apply?
The detailed method for applying for the standard EPS are provided below; follow the points mentioned to apply:
- Go to the EPFO United Member Portal and use CAPTCHA, Password, and UAN to log in.
- From the menu, select Online Services then click on Pension (Form 10D).
- Select the Superannuation Pension option, then input your personal information, including your Aadhaar, bank account, nominee, and work history, including your EPF account and years of service.
- Provide a scanned copy of your Aadhaar card, PAN card, cancelled check or bank passbook (for account information), proof of birth (if required), and a passport-sized photo in the appropriate format and size.
- Use the Verify with Aadhaar e-sign to confirm it, and then Send in the application. For future reference, be sure to print off the acknowledgement receipt.
| Official Website | Click Here |
| Homepage | BSEBSTET.Com |
