EPS Full Form: Employees' Pension Scheme

 


The full form of EPS is the Employees' Pension Scheme. It is a social security scheme initiated by the Government of India, designed to provide pension benefits to employees working in the organized sector after their retirement. Launched in 1995, EPS is a part of the Employees' Provident Fund Organization (EPFO), which manages various employee benefit schemes, including provident funds and insurance.

Under the EPS, employees contribute a portion of their salary to the pension fund, and the employer matches this contribution. The scheme primarily caters to workers who have completed a minimum service period of 10 years, allowing them to receive monthly pension benefits upon reaching the age of 58. The amount of pension depends on the employee's salary and the duration of service.

EPS also offers benefits to the family members of deceased employees, ensuring financial security in case of untimely death. The scheme plays a crucial role in providing a safety net for employees, promoting financial stability during retirement. With increasing life expectancy, EPS serves as an essential pillar of social security, contributing significantly to the welfare of employees in the organized sector.

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