EPS Full Form & When applicable for EPF Member

Just find EPF Full form and check the exact definition of EPS. This may a great chance for the employees after retirement to get economical support through EPS…

Management of finances and ensuring investments made over a period of tenure has always been a backbone of proper finances. If you are a working individual either from the government sector or private sector, then you might have been part of EPF which is an Employee Provident Fund where the current percentage is debited over a period of years.

Also read>>> UAN Card Download

Similarly, EPS full form is Employee Pension Scheme which is another scheme. That is available and can register for all the members of the EPFO (Employee Provident Fund Organization). Here you may also check different services applicable for EPF member before retirement.

Also read>>> Member Passbook

There is eligibility for members who are earning more than 15,000 to be part of the Employee Pension Scheme. But the main aspect here is the difference between EPS full form and EPF.

EPS Full Form

EPS stands for Employee Pension Scheme where employees do not pay anything but the employer has to contribute. Whereas, EPF stands for Employee Provident Fund in which the employee has to contribute from his basic salary.

Also read>>> EPF Grievance Portal

Once you have retired as an employee, the contributions from your employer to the government EPFO will be provided to you on a monthly basis as pensions.

Also read>>> Joint Declaration Form

The EPFO organization and the government uses the employer contribution to invest them in different markets. This can either be Bank based, stock market or more investment opportunities with a proper interest rate to them. Thus, the government is able to use them as investments and return them as pensions after retirement of you.

Also read>>> EPF Date of Birth Correction Form

What is the difference between EPS and EPF?

EPF is the Employee Provident Fund and EPS is the Employee Provident Scheme. EPS is applicable for all who are the members of EPF.

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Who are eligible for EPS?

The employees whose monthly income is less than or equal to 15000 including DA(Dearness Allowance) on their salary can enroll for EPS.