If you’ve recently joined a job and are wondering whether you’re eligible for pension benefits under the Employees’ Pension Scheme (EPS), this quick guide will help you understand how the rules work — especially after the 2014 changes.
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The Key Rule:
If you had become a Member of EPF after August 1, 2014, and your monthly salary (basic + DA) at the time of joining was more than ₹15,000, and if your PF Contribution is contributed on the actual Basic + DA, you are not eligible to join the Employees’ Pension Scheme (EPS), incase If, Basic + DA is only up to 15,000. You are eligible for the pension scheme.
Who Is Still Eligible?
- If you joined before August 1st, 2014, you’re already covered, regardless of your
salary, provided that you had transferred your funds to the next organisation, without closing
the account. - If your salary (Basic + DA) was below ₹15,000 when you joined, and it increased later,
You stay in EPS.
Rejoining EPF?
- If you withdraw your full EPF and EPS balance and rejoin with a salary over ₹15,000, you can’t join EPS again.
- But if you took a pension certificate (instead of a full withdrawal), you can rejoin EPS even with a higher salary.
