Employees'
Pension Scheme-95 came into effect from 16.11.95. The Employees' Pension
Scheme-95 has been conceived as a Benefit defined Social Insurance
Scheme formulated following actuarial principles for ensuring long term financial
sustenance. The new Employees’ Pension Scheme-95 repealed and replaced the
erstwhile Family Pension Scheme, 1971. The assets and liabilities of the
erstwhile Pension Fund were transferred and merged with the new Pension
Fund. The benefits and entitlements to the members under the old scheme
remain protected and continued under the new Employees’ Pension Scheme-95.
has been
conceived as a Benefit defined Social Insurance Scheme formulated
following actuarial principles for ensuring long term financial sustenance. The
new Employees’ Pension Scheme-95 repealed and replaced the erstwhile Family
Pension Scheme, 1971. The assets and liabilities of the erstwhile Pension Fund
were transferred and merged with the new Pension Fund. The benefits and
entitlements to the members under the old scheme remain protected and continued
under the new Employees’ Pension Scheme-95.
Benefits:
Employees'
Pension Scheme-95 provides for following benefit package:
1)
Pension for life to the
member, on superannuation / retirement and invalidation.
2)
To the members of the
family upon death of the member:
o Pension to Widow/Widower for life or till re-marriage.
o To children/orphan, two at a time additionally up to 25 years of
age simultaneously with widow / widower pension.
o Children / orphan with total and permanent disability shall be
entitled to payment of children pension or orphan pension as the case may be
irrespective of age and number of children in the family.
o Facility for payment of pension to nominee in the event of member
who is unmarried or without any eligible family member to receive pension, and
o Facility for payment of pension to dependent father/mother in the
event the member dies leaving behind no eligible family members and no
nomination by such deceased member exists.
3)
Facility for capital return
(corpus accretion) on option formula basis
4)
Commutation of pension up
to 1 / 3rd of pension amount
5)
Scheme Certificate to
retain membership of the Scheme till attaining the age of 58 years.
6)
Superannuation / retirement
pension under the new scheme will be payable on fulfilling:-
a. Minimum 10 years eligible service and
b. Attaining age of 58 years.
On
ceasing employment earlier than 58 years, pension may be availed of by a member
at his option, before attaining the age of 58 years but not below 50 years.
Such early pension will be subject to discounting factor. However, no such age
restriction or eligibility requirement shall apply for pension entitlement on
disablement or pension payable to the family members on death of the member.
Membership with one contribution is enough in such cases.
