Employee's Pension Scheme 1995 provides for both full and reduced/early pension. For full/superannuation pension, a worker must have reached 58 years of age with at least 120 months (10 years) of contribution. A person is entitled to partial pension at the age of 58 years with less than 120 months (10 years) of contribution. Early pension is granted at the age of 50 years with at least 120 months (10 years) of contribution.
Amount of old-age monthly pension is based on a member's pensionable service and earnings but it may not be less than 1,000 rupees per month. A lump sum of total employer and worker contributions plus accrued interest is paid as a partial pension. The early pension is a reduced form of full pension and full pension is reduced by 3% for each year the retirement is taken before 58 years.
Source: §12 of Employee's Pension Scheme 1995
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