EMPLOYEES’ PROVIDENT FUND SCHEME, 1952 (EPF)

Employees Provident Fund Scheme (EPFS) is a long-term retirement saving scheme managed by Employees provident fund organization (EPFO) and it is covered under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Under EPF Scheme, an employee and employer have to pay certain percentage of equal contribution in the provident fund account and on retirement, an employee gets a lump sum amount of contribution made by employer and employee with interest on both. EMPLOYEES’ PENSION SCHEME, 1995 (EPS) The scheme is provided by the Employees’ Provident Fund Organization (EPFO) and ensures that employees receive a pension once they attain the age of 58 years old. Existing, as well as new EPF members, can avail the benefits of the scheme. The employee and employer each contribute 12% of the employee’s basic salary and Dearness Allowance (DA) towards EPF. While the entire share of the employee is contributed towards EPF, 8.33% of the employer’s share goes towards EPS.