EPF Pension Schemes – A Complete Guide
Here’s a clear, detailed article on EPF Pension Schemes that you can use: EPF Pension Schemes – A Complete Guide The Employees’ Provident Fund (EPF) is one of India’s most important social security schemes, managed by the Employees’ Provident Fund Organisation (EPFO) . Apart from the provident fund benefits, the EPF system also includes a pension component through the Employees’ Pension Scheme (EPS), 1995 . This scheme provides financial security to employees and their families after retirement, in case of disability, or in the event of the employee’s death. 1. What is the EPF Pension Scheme (EPS)? The Employees’ Pension Scheme is designed to provide a regular monthly pension to employees who have been EPF members. Both the employer and the employee contribute to EPF every month, but the pension fund comes from the employer’s contribution. Employer’s EPF contribution : 12% of basic salary + DA 8.33% of this goes to the EPS (subject to a salary cap) Remaining g...