what is eps in pf

EPS stands for Employee Pension Scheme, which is a social security scheme provided by the Employees Provident Fund Organisation (EPFO) in India. It is a pension scheme that pays pensions to employees who are members of the EPFO. The EPS scheme is offered to employees whose basic salary plus dearness allowance is up to Rs.15,000. Under the EPS scheme, the employer contributes to the scheme, not the employee. The amount of pension in the EPS is determined based on the member's pensionable salary and length of service. The formula to calculate the pension amount is (Average salary over the last 12 months of service * pensionable service) / 70.