Employee Pension Scheme (EPS) – Features and How to Check EPS Balance?

EPFO (Employee provident fund organization) is a non-constitutional body that promotes employees of the specific and larger companies to save funds for their retirement. This organization is owned and currently running by the Ministry of labor and employment, the government of India, and it was launched in 1951. If we go through the number of organizations in the world, then one of the safest organization for the provident fund and the pension scheme is EPFO (Employee provident fund organization). Check the steps on the EPF balance below.

EPS (Employee Pension Scheme) From EPFO:

epf-pension-scheme

This scheme was introduced in 1995, and the main motive of this scheme is helping employees in the specific sector. This scheme is available for every other employee who is eligible for EPFS (Employee provident fund scheme).

Read More – How to Apply EPF Withdrawal Procedure, Rules, Form Online in India

Eligibility to Avail EPF Pension Scheme:

You need to be eligible to avail of this scheme, and I have given some points for the same.

  • You must be a member of the EPFO (Employee provident fund organization).
  • You must be older than 58 number of years.
  • In the case of deferring pension, you will be eligible to receive a pension at a 4% interest rate until you reach the age of 60.
  • You must be working for more than ten years or completed ten years of service in a particular firm.

Features of EPS (Employee pension scheme):

The main features and the essential points about the EPS, aka, employee pension scheme are mentioned below.

  • Since we know that this scheme is provided by the government, therefore, there are no risks attached for investing the sum of funds into it.
  • It is mandatory to earn more than 15000 Rs income per month to become eligible for this scheme.
  • You will be only able to withdraw the funds from this scheme when you attain the age of 50 years or more.
  • The employees who are enrolled for EPF will automatically get enrolled for the pension scheme.
  • The minimum of Rs 1000 will be transferred to every pensioner.

Must Read – How to Calculate PPF Interest Rate, Returns and Maturity

What is the Process to Check EPS Balance?

The EPS balance can be checked using the UAN number and by going through the EPFO portal. I have added the same using the points below.

  • First, visit the official website of EPFO. You can visit it from here https://www.epfindia.gov.in/site_en/index.php.
  • Now, click on “For employees” and click on our services option.
  • Now, click on the member passbook.
  • Login using the UAN ID and password.
  • Select the member ID that will be displayed on the screen.
  • The total amount collected during the pension period will be available right top corner on the screen.
  • You can also download or take a print out for future references.
  • That’s it.

Conclusion:

Here we come at the end. It is now clear that we all now know about the EPS (Employee pension scheme) from EPFO (Employee provident fund organization). This is one of the risk-free investment as the organization is getting managed by the government. Still, if anything is not understandable, then do let us know in the comments section. We would love to help you out.

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