EMPLOYEE PENSION SCHEME , 1995
1) Definition-:
Employee pension scheme is survivor old age and disability pension scheme. The earlier Family Pension Scheme 1971 Offered only one type of Benefits. Namely survivor benefits i.e. Payment of pension to widow/widower on death of the member service On the other hand The new scheme caters of three types of contingencies.
1) Survivor Pension -: If Death Occur During Service.
2) Old Age Pension-: Pension On Superannuation.
3) Permanent Disability Pension-: In the event Of member Suffering permanent disability while in Service.
2) Characteristics-:
For service below 10 years-:
Return of contribution on exit from employment-Table-D
Example-Suppose a member exist for employment after four year of service his wage on exit is Rs-4000 Return of contribution will be calculated as Rs-4000*4.18 of wages on exit i.e. Rs-16,720.
Service above 10 years but below 20 years-:
In the first Instance pension will be calculated by applying the formula is-:
Pensionable salary * Pensionable Service/70
Say the member done is 18 years of Pensionable Service Pensionable Salary Determined as Rs-4000/- Pension Payable to him will be Rs-1029/-
Service Over 20 Years-:
Full pension According to the formula stated above. It is to be noted here that for rendering 20 years of pensionable service or more,members pensionable salary shall in all cases be increased by adding 2 years. In other words 20 years actual pensionable service will be treated as 22 years of pensionable service for calculation of pension.
Special Provision for existing Member-:
Special provision have been made for calculation of pension in case of member who was member was caused Family Pension Scheme 1971 and who was attained the age of 48 years on the 16th November 1995 and Member who attained 48 years but its less than 53 years on 16th November member who attained at age of 53 years of more on the 16th November 1995, n the aforesaid cases the formula calculated pension will be as follows.
Earlier Pension on Cessation Of Employment-:
Old age pension on account of superannuation/retirement is normally payable on attaining the age of 58 years. however member cannot opt for talking earlier than 58 years on his exit from employment but under no circumstance pension will be payable before the age of 50 years .A member who desired to draw monthly pension from a date earlier than 58 years of age will be allowed to draw a monthly reduced pension.The amount of pension is such a cases shall be reduced at rate of 4% for every year at the age fails short of 58 years.
Scheme Certificate-:
There are occasions when a member may leave employment and or may move from a covered establishment to an uncovered establishment before he reaches the date of superannuation h may opt for a scheme Certificate. The Certificate will be indicate his pensionable salary and the amount of pension due on the date of exist from employment . If the member is subsequently employed in covered establishment his pensionable service in the scheme certificate will be taken into account for working out of his Full pensionable Service.
Widow Pension-:
Widow pension is three categories 1) Death of member during service 2)On the death of the member after laving service but before attaining t the age of 58 years 3) In case of death of the member after commencement of payment of monthly member pension.
Widow pension o death of the member during the service is equal to monthly member pension.
The essential condition for grant of widow pension are follow.
1) The death of member occurred while in service.
2) The member has contributed at least one months Contribution.
3) The member had not attained the age of 58 years.
4) The death of member had taken place before the commencement of monthly members pension.
Widow pension after commencement of monthly pension-:
In case of death of the member after vesting of pension the amount of widow pension @50% of the monthly members pension subject to a minimum of s-250/- p.m.
In case the member leaves behind any child less than 25 years of age children pension is payble for each equal to 25% of the window pension subject to a minimum of Rs-250/- p.m.
The minimum monthly orphan pension which is payable where a decreased member is not servived by any widow or where pension is not payable to to the window ( in case of remarriage ) is subject to a minimum of RS-250/- p.m.
Withdrawal Benefits-:
If the member renders less than 10 years pensionable service on the date of exist or on attaining the age 58 years whichever is earlier he is entitled for withdrawal benefits he may opt for scheme certificate.
Payment of pension through Bank-:
The pension disbursed through Nationalized bank of the respective state. The member /pensioner are required to open an account in bank where pension is desired an indicate the option in the application in Form-10D
The state wise list of bank where pension can be opted is given below.
Return Of Contribution On Exit Fro The Employment -:
Declaration By Pensioner-:
I,......................... am pensioner under the employees pension scheme 1995, drawing monthly pension with effect from ..............................I am a retired Employees of M/S .............................. and was drawing salary more than Rs-5000/- -Rs-6500/- Rs-15000/- per month and my employer had deposited 12% of my actual salary ( Above the statutory wages ceiling) as employers shares of the EPF Contribution on the basis of joint option executed by me and my employer.
Place-: (Signature)
Date-; (Name And Address)
2) Old Age Pension-: Pension On Superannuation.
3) Permanent Disability Pension-: In the event Of member Suffering permanent disability while in Service.
2) Characteristics-:
For service below 10 years-:
Return of contribution on exit from employment-Table-D
Example-Suppose a member exist for employment after four year of service his wage on exit is Rs-4000 Return of contribution will be calculated as Rs-4000*4.18 of wages on exit i.e. Rs-16,720.
Service above 10 years but below 20 years-:
In the first Instance pension will be calculated by applying the formula is-:
Pensionable salary * Pensionable Service/70
Say the member done is 18 years of Pensionable Service Pensionable Salary Determined as Rs-4000/- Pension Payable to him will be Rs-1029/-
Service Over 20 Years-:
Full pension According to the formula stated above. It is to be noted here that for rendering 20 years of pensionable service or more,members pensionable salary shall in all cases be increased by adding 2 years. In other words 20 years actual pensionable service will be treated as 22 years of pensionable service for calculation of pension.
Special Provision for existing Member-:
Special provision have been made for calculation of pension in case of member who was member was caused Family Pension Scheme 1971 and who was attained the age of 48 years on the 16th November 1995 and Member who attained 48 years but its less than 53 years on 16th November member who attained at age of 53 years of more on the 16th November 1995, n the aforesaid cases the formula calculated pension will be as follows.
Earlier Pension on Cessation Of Employment-:
Old age pension on account of superannuation/retirement is normally payable on attaining the age of 58 years. however member cannot opt for talking earlier than 58 years on his exit from employment but under no circumstance pension will be payable before the age of 50 years .A member who desired to draw monthly pension from a date earlier than 58 years of age will be allowed to draw a monthly reduced pension.The amount of pension is such a cases shall be reduced at rate of 4% for every year at the age fails short of 58 years.
Scheme Certificate-:
There are occasions when a member may leave employment and or may move from a covered establishment to an uncovered establishment before he reaches the date of superannuation h may opt for a scheme Certificate. The Certificate will be indicate his pensionable salary and the amount of pension due on the date of exist from employment . If the member is subsequently employed in covered establishment his pensionable service in the scheme certificate will be taken into account for working out of his Full pensionable Service.
Widow Pension-:
Widow pension is three categories 1) Death of member during service 2)On the death of the member after laving service but before attaining t the age of 58 years 3) In case of death of the member after commencement of payment of monthly member pension.
Widow pension o death of the member during the service is equal to monthly member pension.
The essential condition for grant of widow pension are follow.
1) The death of member occurred while in service.
2) The member has contributed at least one months Contribution.
3) The member had not attained the age of 58 years.
4) The death of member had taken place before the commencement of monthly members pension.
Widow pension after commencement of monthly pension-:
In case of death of the member after vesting of pension the amount of widow pension @50% of the monthly members pension subject to a minimum of s-250/- p.m.
In case the member leaves behind any child less than 25 years of age children pension is payble for each equal to 25% of the window pension subject to a minimum of Rs-250/- p.m.
The minimum monthly orphan pension which is payable where a decreased member is not servived by any widow or where pension is not payable to to the window ( in case of remarriage ) is subject to a minimum of RS-250/- p.m.
Withdrawal Benefits-:
If the member renders less than 10 years pensionable service on the date of exist or on attaining the age 58 years whichever is earlier he is entitled for withdrawal benefits he may opt for scheme certificate.
Payment of pension through Bank-:
The pension disbursed through Nationalized bank of the respective state. The member /pensioner are required to open an account in bank where pension is desired an indicate the option in the application in Form-10D
The state wise list of bank where pension can be opted is given below.
STATE
|
Nominated Bank
|
STATE
|
Nominated Bank
|
Andhra Pradesh
|
SBI ,Andhra Bank
|
Maharashtra
|
Bank of India PNB SBI
|
Bihar
|
Punjab National Bank
|
Assam
|
PNB State bank of India
|
Delhi
|
SBI Punjab national Bank
|
Orissa
|
Bank Of India SBI
|
Gujarat
|
Dena Bank SBI
|
Punjab
|
SBI Punjab National Bank
|
Haryana
|
Punjab National Bank SBI
|
Rajasthan
|
State bank of Bikaner & Jaipur
Punjab National Bank
|
Karnataka
|
Canara Bank
|
Tamil Nadu
|
Indian Bank SBI
|
Kerala
|
SBI Canara Bank
|
Uttar Pradesh
|
PNB SBI
|
Madhya Pradesh
|
SBI Punjab National Bank
|
West Bengal
|
Union Bank Of India
PNB
|
Himachal Pradesh
|
SBI Punjab National Bank
|
In Addition
|
HDFC , UTI , ICICI Bank for all Region
|
Return Of Contribution On Exit Fro The Employment -:
|
Year of service
|
Proportion of wages at exist
|
Year of Service
|
Proportion of wages at exist
|
Year of Service
|
Proportion of wages at exist
|
|
1
|
1.02
|
4
|
3.99
|
7
|
7.13
|
|
2
|
1.99
|
5
|
5.02
|
8
|
8.22
|
|
3
|
2.98
|
6
|
6.07
|
9
|
9.33
|
Declaration By Pensioner-:
I,......................... am pensioner under the employees pension scheme 1995, drawing monthly pension with effect from ..............................I am a retired Employees of M/S .............................. and was drawing salary more than Rs-5000/- -Rs-6500/- Rs-15000/- per month and my employer had deposited 12% of my actual salary ( Above the statutory wages ceiling) as employers shares of the EPF Contribution on the basis of joint option executed by me and my employer.
Place-: (Signature)
Date-; (Name And Address)
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