Employee Pension Scheme (EPS) is a component of the Employees' Provident Fund (EPF) that aims to provide financial security and retirement benefits to employees.
An employee who joins the company on or after 1st September 2014, enrolls for the PF for the first time and his basic salary is less than Rs 15000 is eligible for EPS contribution.
However, if the employee has the PF in the previous organization then EPS must be deducted as per government regulations. To enable the option “Is existing member of EPS”, perform the following actions:
- From the greytHR Admin portal, navigate to Employee > Information > Bank/PF/ESI. The Bank/PF/ESI page opens.
- From the Search Employee search box, search for the employee for whom you want to enable the option “Is existing member of EPS”.
- Click Edit icon available next to PF Account.
- Check the Is existing member of EPS checkbox.
- Click Save to update the changes.
❓FAQs- To read more FAQs about Bank/PF/ESI, click here.
📃Documentation- To learn more about the Bank/PF/ESI page, click here.
▶Video- To watch the video on Bank/PF/ESI page, click here.
📢Product Update- To read about the product update, click here.