Employees Pension Scheme (EPS) 1995,Eligibility & Its Benefits
The Central Government had launched Employees’ Pension Scheme, 1995 in exercise of the powers conferred by Section 6A of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952). The EPS’95 scheme applies to all the employees of factories and other establishments to which the Employees Provident Funds and Miscellaneous Provisions Act, 1952 applies. Employee Pension Scheme (EPS) came into force on 16th November 1995.
The government has, for the first time, started providing a minimum pension of Rs 1,000 per month to the pensioners under EPS, 1995 from September 1, 2014 by providing additional budgetary support keeping the widespread demands although there is no provision in the Scheme for budgetary support
He should be a member of EPFO.
For availing the pension benefits under the EPS 95 Pension scheme the employee must serve a minimum of 10 years in service.
The age of retirement is 58 years.
Member can also withdraw his/her EPS at a reduced rate from the age of 50 years
If an employee has completed less than 10 years of service. but more than 6 months’ service, then he/she can withdraw the EPS amount on being unemployed for more than two months
A member’s family also becomes eligible for Pension benefits in case of death of the member while in service.
1.EPFO has certain benefits, which are payable to orphans as per the EPS 95 scheme as mentioned below in brief.
Pension amount is 75 per cent of monthly widow pension, with minimum of Rs 750 per month, each for two orphans at a time
The pension will be paid till 25 years of age
The pension will be paid lifelong if the person is suffering from any disability
2. Benefit provided in case of death of an employee, who was a member of the scheme at the time of death – Benefit amount 20 times of the wages. Maximum benefit of 6 lakh.
3. Pension to nominee for entire life paid on death of member, in case there is no family, as defined under EPS’ 95.
4. In case a member is not able to remain in service for 10 years before attaining the age of 58 years, he can withdraw the complete sum at the age of 58 years. It is worth mentioning here that he will not get the monthly pension benefits after retirement.
5. Lifelong pension equal to monthly widow pension paid to dependent father or motheron death of member, provided there is no family or nominee of member.
Note: In case of any details and query, the EPFO members can login to the official website of EPFO at www.epfindia.gov.in
Latest News: The RSS-affiliate trade union BhartiyaMazdoorSangh has urged the government to increase the minimum pension under the Employees Pension Scheme, 1995 to Rs 5,000 a month and link the Ayushman Bharat medical schemes to all EPS-95 pensioners while exempting senior citizens from income tax. The current minimum monthly pension under the EPS 95 is Rs 1,000.
“Ayushman Bharat medical scheme should be extended all EPS 95 pensioners and any hike in minimum pension in EPS 95 should be universal hike to all 65 lakh pensioners,” it said.
How to Check Your EPS Amount
A member can check the amount accumulated in his Employees’ Pension Scheme (EPS) account in his EPF Passbook. The last column in the passbook shows the EPS contribution deposited by the employer every month in the account of the member. The passbook can be downloaded from the EPF Passbook portal after logging into the account using UAN and password.