What are the exact benefits of EPS 95 pension What after the death of a member
By Lokmat English Desk | Published: January 27, 2023 05:56 PM2023-01-27T17:56:27+5:302023-01-27T17:56:27+5:30
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The number of pensioners covered under Employee Pension Yojana-1995 i.e. EPS-95 is about 75 lakh in the country
Along with this, it also includes more than 6 crore shareholders. This scheme is administered by Employees Provident Fund Organization (EPFO). Let's know what are the benefits..
Retirement pension to the member after the age of 58 years. A member gets early member pension from the age of 50 years. (only if unemployed)
A member gets a disability pension if he gets permanently disabled while working. After the death of the member, his wife or husband gets pension. After the death of the member, his first two children get child pension till the age of 25 years.
this scheme, a fixed minimum pension of between Rs 1000 – Rs 2000 can be availed every month. Besides, it has many other facilities that can be availed. In this regard, EPFO – a retirement fund body – explains the EPS-95 benefits, eligibility that are available to both existing and new members
The pension amount in EPF depends on the pensionable salary of the member and the pensionable service.
If an employee in organised sector draws a salary of Rs 15,000 per month. Since the employer contributes 8.33 per cent of this salary to the employee’s EPS account, the amount deposited in the EPS account of the employee every month shall beRs 15000 x 8.33/100 = Rs 1250 – this means an employee can get around Rs 1250 per month under the employee pension scheme