EPS Full Form | What Does EPS Stand For?

EPS: Employees’ Pension Scheme

EPS Full Form

EPS full form stands for Employees’ Pension Scheme. The Employee Pension Scheme (EPS), is a social security scheme provided by the Employees Prevention Fund Organization (EPFO).

The scheme provides a pension to employees working in the organized sector after retirement at the age of 60.

Brief Explanation

The EPS was launched in 1995 and current and new EPF members were allowed to join the scheme. However, this scheme can be availed only if the employee has rendered service for at least 10 years (it should not have permanent service).

The pension contribution in the EPF passbook is credited to the employee’s EPS account every month by the employer.

Eligibility

  • Citizens of India
  • The person should be between 18 to 65 years of age as per the date of submission of application to the authorized authority branches of the service provider.
  • Customers should follow your customer’s (KYC) criteria as detailed in your customer’s registration form.

Benefits

  • Pension on retirement at the age of 60 years.
  • Pension for the family on the death of the member.
  • Pension on complete disability during service.
  • Pension on leaving the service before becoming eligible for monthly pension.

Types

  • Reduction in pension
  • Pension form
  • Widow pension
  • Child pension
  • Orphan pension

What Is The Full Form Of EPS?

EPS full form stands for Employees’ Pension Scheme. It is a social security scheme provided by the Employees Prevention Fund Organization (EPFO). This scheme provides a pension to employees working in the organized sector after retirement at the age of 60.

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