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The Government has framed the Employees' Pension Scheme, 1995, w.e.f. 16.11.1995. The existing Employees' Family Pension Scheme has been merged under the new scheme.
The new scheme envisages providing monthly pension to employees on superannuation, pensioning to widows on death after superannuation, monthly pension for children of the subscribers, monthly pension to members on account of permanent total disablement during service, etc.
The new scheme shall be compulsory for all the existing members of the Family Pension Scheme and those who become members of the Employees' Provident Fund Scheme on or after 16.11.1995. Besides, the following employees shall have an option to join the new Scheme:
- Employees who ceased to be members of the Pension Fund between 1.4.1993 to 15.11.1995.
- Employees who are members of the Provident Fund as on 16.11.1995 and not members of the Pension Fund.
Members who have died between 1.4.1993 to 15.11.1995 shall be deemed to have exercised the option of joining the scheme on the date of the death.
Members referred in clause (a) shall exercise the option to become members of the scheme by returning the amount of withdrawal benefit received, if any, together with interest @ 8.5% p.a.
Employees referred in clause (b) shall be deemed to have joined the scheme w.e.f. 1.3.1971 on remittance of past period contribution with interest thereon.
TERM OF SCHEME
Every member of the Employees' Pension Fund Scheme shall continue to remain the member till the earliest happening of any of the following events:
- he attains the age of 58 years; or
- he avails the withdrawal benefit to which he is entitled vide para 14 of the scheme; or
- he dies; or
- the pension is vested in him.
Every employer shall send to the Commissioner, within three months of the commencement of the scheme, a consolidated return of the employees entitled to become members of the new scheme. |
