The Employees’ Pension Scheme, or EPS for short, is a social security program offered by the Employees’ Provident Fund Organisation (EPFO). The scheme is available to employees earning salaries up to Rs.15,000 and is designed to offer financial security during their retirement years.
How a family pensioner can submit video life certificate
EPS contribution
A maximum of Rs. 1250 can be contributed by the employer to the employee’s EPS account under the EPS, which is based on 8.67% of the employee’s pay. Over the course of the employee’s employment, the account builds up, and when the employee retires, the account’s balance is used to pay pensions.
EPS is only available to those employees whose salary plus dearness allowance falls under Rs. 15,000.
Life certificate submission for EPS members
Unlike other pensioners, EPS members can submit life certificate at any time which will be valid for one year from date of submission.
Where can EPS members submit life certificate
EPS members can submit a life certificate at Pension Disbursing Bank, Common Service Centre, IPPB, Indian Post Office, Postman, Umang app, Nearest EPFO office.
Requirements of life certification
- PPO number
- Aadhaar number
- Bank account details
- Mobile number linked with Aadhaar
Withdrawal from account
If the member has completed less than ten years of service or has reached the age of 58, whichever comes first, an early lump sum withdrawal is permitted. Employees who are above 50 years old are eligible for early pensions.
Benefit
When an employee reaches the age of 58, a regular pension is paid. The pension will still be paid to the nominee in the event of the employee’s passing. Note that the EPS account does not accrue any interest.
Employees are not entitled to any tax advantages on their investments because they do not contribute to the EPS. Taxes apply to the pension received under the plan as well as to any lump-sum withdrawals from the plan.
Last date for government pension
The annual life certificate, or Jeevan Pramaan Patra, is required to be filed by November 30, 2022, for individuals receiving government pensions. A pensioner can submit their yearly life certificate in six different methods. Pensioners have access to the Digital Life Certificate (Jeevan Pramaan), a digital service with biometric assistance.
Rather than going to the disbursing agency’s office to provide a physical life certificate, they can generate DLC using the Aadhaar-enabled biometric authentication approach.
