Employees Pension Scheme 1995 amended to benefit members less than six months service
The amount of withdrawal benefit will depend upon the number of completed months of service rendered by the member and the wages on which the EPS contribution was received.
The Government has amended the Employees’ Pension Scheme to ensure that EPS members with less than six months of contributory service also receive withdrawal benefits. This amendment will benefit more than seven lakh EPS members every year who leave the scheme with less than six months of contributory service.
The Central Government has modified Table D and has ensured that every completed month of service rendered is taken into account to give proportionate withdrawal benefits to the members.
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The amount of withdrawal benefit will depend upon the number of completed months of service rendered by the member and the wages on which the EPS contribution was received. The Labour Ministry said the measure has rationalized the payment of withdrawal benefits to members, as per government notification released.
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Till now, the withdrawal benefit was being calculated on the basis of the period of contributory service in completed years and the wages on which EPS contribution has been paid.
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