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Employees' Pension Scheme has been amended by the government

Published on June 29, 2024
Current Context: The Employees' Pension Scheme (EPS) was amended by the Indian government to benefit employees with shorter tenures.
Employees' Pension Scheme has been amended by the government
  • Here's a summary of the changes:
    • Withdrawal Benefit for Less Than 6 Months Service: Previously, EPS members with less than 6 months of contribution received no withdrawal benefit. Now, they will get a proportionate benefit based on their contribution period.
    • Proportionate Benefit Calculation: The government modified Table D to ensure every completed month is considered for calculating the withdrawal amount. This amount depends on the employee's wages and months of service.
  • It's estimated that this amendment will benefit over 7 lakh EPS members annually who leave the scheme before completing the 10-year requirement for a pension.

Question:

1 What is the minimum service requirement for an EPS member to receive a pension under the scheme?

  • A) 5 years
  • B) 6 months
  • C) 10 years
  • D) 1 year
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