The full form of EPS is Employee Pension Scheme. It is a retirement scheme in India offered by the EPFO that provides pensions to eligible employees. EPS is available to employees earning salaries up to Rs.15,000 and is specifically designed to provide financial assistance during the employees’ retirement years. Let’s learn more about this interesting scheme.
Also Read: What is the Full Form of PPO?
Advantages of EPS
Now that we know about the full form of EPS, let’s move on to more interesting details. The Employee Pension Scheme offers a plethora of benefits to eligible employees. Whether it is an unforeseen circumstance of someone’s death or total disablement, EPS extends the much-needed support to members and their families.
- Retirement pension: EPS members can avail pension benefits at the retirement age of 58 years. All they need is at least ten years of service upon reaching the age, and an EPS Scheme Certificate that can be used to fill Form 10D.
- Early departure pension: If a member is unable to complete ten years of service before reaching the age of 58 years, they can fill out Form 10C and withdraw the entire sum when they reach 58 years of age.
- Total disablement during employment pension: A member of EPFO who becomes disabled is given a pension on a monthly basis, irrespective of whether or not they have completed the total pensionable service period.
- Pension in case of a family member’s demise: If the member passes away while in service, their family becomes eligible for pension benefits. However, the member must have deposited funds in their account for at least a month.
Also Read: What is the Full Form of PF?
Calculation of EPS
If you want to calculate the monthly pension under EPS, you can use the formula mentioned below.
Monthly pension= (Pensionable Service x Pensionable Salary) / 70
We hope this blog has helped you understand the full form of EPS and everything related to it. If you want to know more, find the 300+ full forms list on our blog. In the world of short forms, you can rely on the Leverage edu page to know about more full forms like this! Connect with us study abroad experts to achieve your international dream today!