Employees’ Pension Scheme (EPS) - An Evaluation of the Employees’ Perspectives under the New Option Scheme

Abstract

The Employees Pension Scheme (EPS) was introduced by the government in 1995 for the organised sector employees. The scheme applies on all employees under the EPF scheme andpeople who are covered under EPS receive a pension on a permanent basis. Every employee with a monthly salary combined with DA of Rs 15,000 or lesser, must enroll in this scheme. On 1st April, 2019 the top court dismissed a special leave petition filed by Employees Provident Fund Organisation (EPFO) against a 2018 Kerala High Court order that had asked the retirement fund body to give pension to all retiring employees on the basis of their full salary, rather than capping the figure on which contribution is calculated at a maximum of Rs 15,000 per month. Present study is to analyse the employees perceptive of  higher pension under New Option Scheme. The government plays a key role in framing  a master plan on pension system to ensure adequate safety net for its citizen.