- Runs by EPFO, EPS has started in 1995. The pension fund was supposed to be a deposit of 8.33% of the employer contribution towards PF corpus.
- The scheme caters to the general employee’s pensions in an established sector under the retirement age of 58 years.
- All those employees who are members of EPF automatically became members of EPS too.
- Both employer and employee contribute 12% on the employee’s monthly salary (basic wages plus dearness allowance) to the Employees’ Provident Fund (EPF) scheme.
- This scheme is mandatory for the employee whose basic wage is Rs 15,000 per month.
- Of the employer’s 12 %, 8.33 % goes to the EPS.
- In addition to this, the central government contributes 1.16 % of the employees’ monthly salaries.
