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
Dependents' / Survivors' Benefit
Dependents/Survivors' Pension is paid to the family in the
event of death of a worker who dies while in service after contributing
for at least one month into the Employees' Pension Fund; has attained
the age of 58 years with 120 months of contributions; and has started
receiving pension
In any of the above mentioned cases, the amount of minimum monthly
pension for widow(er) is 450 rupees. The minimum monthly pension for
children is 150 rupees (or 25% of the amount admissible to the
widow(er), whichever is higher) payable until the child attains the age
of 25 years (no limit with a total and permanent disability). In the
case of full orphans, pension is equal to 75% of the pension admissible
to the widow(er). The minimum monthly pension for full orphan can't be
less than 250 rupees.
Source: §16 of Employees' Pension Scheme 1995
Invalidity Benefit
Invalidity benefit is provided to a worker assessed with a
permanent and total disability as the result of an occupational injury
and has at least one month of contributions.
Amount of invalidity pension is based upon the member's pensionable
earnings. The minimum amount of invalidity pension is at least 250
rupees or a lump sum of total employee and employer contributions plus
accrued interest.
Source: §12 of Employees' Pension Scheme 1995
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