Employee Pension Scheme 1995 PDF

Employee Pension Scheme 1995 PDF Details
PDF Name	Employee Pension Scheme 1995 PDF
No. of Pages	4
PDF Size	0.07 MB
Language	English
Category	English
Source	igmmumbai.spmcil.com
Download Link	Available ✔
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Employee Pension Scheme 1995

Here in this list, we are presenting the Employee Pension Scheme 1995 PDF. The Central Government introduce the Employees’ Pension Scheme, 1995 in implementation of the power conferred by division 6A of the Employees’ Provident finances and various Provisions Act, 1952 (19 of 1952). The EPS’95 scheme is applicable to all employees of factories and other establishments to which the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 applies. The Employees’ Pension Scheme (EPS) came into force on 16 November 1995.

The Government has, for the first time, started providing a minimum of Rs 1,000 per month to the pensioners under EPS, 1995 with effect from 1st September 2014 by providing extra-budgetary support keeping in view the broad demands, although there is no provision in the scheme for the budget.

Employee Pension Scheme 1995 PDF Details Overview

The salient features of the EPS scheme are mentioned below:

• Since EPS is sponsored by the Government of India, the returns are guaranteed and there is no risk involved in investing in this scheme. The amount to be refunded will be fixed and will not be changed.
• It is mandatory for employees earning a basic salary and DA of Rs 15,000 or less to enroll in the scheme.
• You will be able to withdraw EPS after attaining the age of 50 years. However, the amount you get will be at a lower interest rate.
• If the widower/widow gets remarried, the children will receive the increased pension amount and will be classified as orphans.
• Employees enrolled in the EPF scheme will automatically get enrolled in the EPS scheme.
• The minimum monthly pension amount that an individual can receive is Rs 1,000.
• If the widow/widower is receiving the EPS amount, they will continue to receive the amount till her death. After that, the children will receive the pension amount till they attain the age of 25 years.
• If the child is physically handicapped, he will receive the pension amount till his death.

Eligibility For Employee Pension Scheme 1995

Given below are the eligibility criteria to avail of EPS benefits:

1. You must be a member of EPFO.
2. Your age should be 50 years for an initial pension and 58 years for a regular pension.
3. If you defer pension for 2 years (until you reach 60 years of age), you will be eligible to receive a pension at an additional rate of 4% per annum.
4. You must have completed at least 10 years of service.

The process to check Employee Pension Scheme 1995 PDF

EPS balance can be checked on the EPFO ​​portal with the help of the Universal Account Number (UAN). However, individuals have to first complete the UAN activation process. Given below is the step-by-step process to check EPF balance after the activation of UAN is completed:

• You have to visit the official website of EPFO ​​(https://www.epfindia.gov.in/site_en/index.php).
• Click on ‘For Employees’ under the ‘Our Services’ menu.
• On the next page click on ‘Member Passbook’.
• Next, enter Username (UAN), Password, and Captcha details. Click on ‘Login’.
• On the next page, various member IDs will be displayed. Click on the respective member ID.
• The total pension amount contributed will be displayed under the column ‘Pension Contribution’.

Here you can free download the Employee Pension Scheme 1995 PDF by clicking the given link below.

Employee Pension Scheme 1995 PDF Download Link

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