Some common points to remember in EPS Higher Pension Scheme
- The employee must be a member of EPFO.
- He/she has to complete at least 10 Years of Service. If not, the member can withdraw the funds.
- Pension will start from 58 Years of age. An EPFO member can defer the same up to 2 more years. By taking this option, his/her monthly Pension will increase to 4%.
- Formula to Calculate Monthly Pension: EPFO Member’s Monthly Salary after Superannuation = (Basic Pay Plus DA) X Total Service Years / 70
- A member will be eligible for the monthly pension in the case of permanent disablement.
- The family member will get the pension in the case of the death of an employee even before completion of 10 Years service Or before retirement (58 Years of age) Or the start of monthly Pension.
- A member can start early Pension after crossing the 50 Years of age. The monthly receivable amount will get reduced to proportionately.
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