EPS Pension Hiked : The Government of India has announced a big relief for private employees. Now Employees’ Pension Scheme pension will get up to Rs 8,500 every month. Earlier, employees used to get an average pension of Rs 3,000 to Rs 4,500. This increase is especially beneficial for those employees who live without permanent income after retirement. What is EPS pension?
EPS Pension Hiked
EPS Pension Scheme (Employees’ Pension Scheme) was started in 1995 and runs under EPFO (Employees’ Provident Fund Organisation). Its objective is to provide pension to private sector employees after retirement. This pension scheme is available only to those employees whose salary is deducted under EPF.
Changes in Employees’ Pension Scheme
Recent changes have been made in EPS-95 pension Fund. Now the maximum pension has been made Rs 8,500 per month. Earlier this amount used to be from Rs 3,000 to Rs 4,500. This change is beneficial for those private employees who have completed the minimum service period and fulfilled the conditions
Benefits of EPS-95 Pension Fund
Permanent monthly income : Now employees will get an assured pension of up to Rs 8,500, so that they can easily run their essential expenses.
Self-reliance after retirement : Pension will reduce dependence on the family after retirement and employees will get self-reliance.
Social security : This scheme will work as social security for employees working on low wages throughout their life.
EPS Pension Hiked , Who can avail the benefit?
Only those employees can avail the benefit of EPS-95 scheme who have registered with EPFO and have completed a minimum of 10 years of service. Pension payment starts after the age of 58 years.
Conditions to avail the EPS scheme:
| Condition | Description |
|---|---|
| Service Duration | Minimum 10 years of continuous service required |
| Age | Full pension is available at 58 years of age |
| EPFO Membership | Registration with EPFO is mandatory |
| EPS Contribution | Contribution to EPS is compulsory along with EPF |
| Final Salary | Pension is calculated based on the average salary of the last 60 months |
| Pension Form | Form 10-D must be filled and submitted to the EPFO to claim the pension |
How to get EPS-95 pension?
Submit required documents : Submit Aadhaar card, bank passbook, service certificate, and EPS Form 10-D.
Visit EPFO office : Submit the form and documents at the EPFO office.
Apply online : One can also apply online by visiting the EPFO portal.
Pension credit to bank account : After approval, Under Employees’ Pension Scheme the pension will be transferred to the bank account on the due date of every month.
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