Seminar RC-Exm.ppt - EMPLOYEES’ PENSION SCHEME 1995 OVER...

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EMPLOYEES’ PENSION SCHEME 1995 OVER VIEW OF THE VARIOUS BENEFITS UNDER THE SCHEME 1) COMMENCEMENT OF THE EMPLOYEES’ PENSION SCHEME 1995: Came into effect from 16.11.2995
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2. APPLICABILITY: Applies to the establishments covered under the EPF & MP Act, 1952 Not applies to the State of Jammu and Kashmir.
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3. MEMBERSHIP TO THE FUND All employees who are members of the erstwhile Employees Family Pension Scheme, 1971 and not attained the age of 58 years as on 16.11.1995. The employees of the establishments who become the members of the Employees Provident Fund on or after 16.11.1995 and not attained the age of 58 years.
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4. OPTION The EPF members who are not the members of erstwhile Family Pension Scheme 1971 can exercise the option retrospectively if they have not attained the age of 50 years as on 16.11.1995 The members of the erstwhile FPF Scheme, 1971 who withdrawn the amount between 1.4.1993 and 15.11.1995 can opt to become members of EPS 1995 by remitting back the amount withdrawn along with the interest @ 8.5.%. The members who have left service between 1.4.1993 and 15.11.1995 and not withdrawn the amount and not attained the age of 60 years as on 31.3.1995 .
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5. DEEMED OPTION FPF members died between 1.4.1993 and 15.11.1995
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6. CONTRIBUTION TO THE FUND The Pension contribution is worked out at the rate of 8.33% upto the wages of Rs.6,500/-.
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7.PENSION CONTRIBUTION ON FULL WAGES (EXCEEDING MORE THAN Rs.6500/-) CONDITIONS: Both employee and employer should opt for it. Option once exercised is irrevokable.
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8. MAJOR BENEFITS GUARANTEED UNDER THE SCHEME Pension Scheme Certificate Withdrawal benefit
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9. TYPES OF PENSION MEMBER PENSION FAMILY PENSION
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10. TYPES OF MEMBER PENSION 1. Superannuation Pension 2. Retirement Pension 3. Short Service Pension 4. Disablement Pension
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11. TYPES OF FAMILY PENSION 1. Widow/Widower Pension 2. Children Pension including Disabled Children Pension 3. Orphan Pension 4. Nominee Pension 5. Dependant Parent Pension
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12. MEMBER PENSION Member Pension is determined based on service rendered, pensionable wages and age.
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13. ELIGIBILITY TO SANCTION SUPERANNUATION PENSION Service rendered 20 years or more Attained the age of 58 years
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14. RETIREMENT PENSION
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