Claiming Your Pension? Don’t Miss These EPS Essentials, Know Eligibility Criteria, Key Documents and Other
EPS is the monetary value of earnings per outstanding share of common stock for a company during a specified period. The above came into effect in 1995 under the Employees’ Provident Fund Organisation (EPFO) for the satisfaction of employees working under companies and organisations. Employees who come under this scheme are permitted to an employee pension scheme.
- Employers contributed 12% to the EPF out of which the employer’s 8.33% will go into the EPS account out of up to Rs 15,000 towards the scheme.
- When employees retire, they receive a monthly pension amount depending on their service and their last drawn salary.
- To withdraw your EPS contribution, you are required to complete the above-mentioned eligibility criteria.
- You can also withdraw if you’ve been unemployed for at least two months after working for more than six months but also less than 10 years.