What is Employees' Pension Scheme (EPS)? Eligibility, calculation and other details

However, the benefits of the scheme can be availed only if the employee has provided a service for at least 10 years (this does not have to be continuous service).

In EPF accounts, the employees contribute 12 percent of their salaries, and an equal amount is contributed by the employers. While the entire share of the employee is contributed towards EPF, 8.33 percent of the employer’s share goes towards EPS.

According to Bankbazaar, the returns are guaranteed in the EPS scheme and there are no risks attached. The amount that is returned is fixed and no changes can be made to it.

The EPS balance can be checked on the EPFO portal with the help of the Universal Account Number (UAN). Here are the steps:

Step 1: Visit the official website of EPFO and click on ‘For Employees’ under the ‘Our Services’ menu.

Step 2: Click on ‘Member Passbook’ on the next page.

Step 3: Next, enter the UAN, password, and captcha details. Click on ‘Login’.

Step 4: On the next page, various Member IDs will be displayed. Click on the respective Member ID. The total pension amount will be displayed under the 'Pension Contribution’ column.

The pension amount in PF depends on the pensionable salary of the member and the pensionable service. The member’s monthly pension amount is calculated as per the following formula:

Subscriber's monthly salary = pensionable salary * pensionable service/70

The different types of EPS available are widow pension, child pension, orphan pension, and reduced pension.