EPF Pension Scheme: one of the benefits under the EPS’ 95 is pension to nominee for entire life paid on death of member, in case there is no family, as defined under EPS’ 95.
Lifelong pension equal to monthly widow pension paid to dependent father or mother on death of member, provided there is no family or nominee of member, the EPFO tweeted.
New Delhi: A nominee or a dependent mother or father can get life-long pension in case a member dies. These are the benefits payable to parents or nominee under the Employees’ Pension Scheme, 1995 or EPS’ 95, EPFO said
- According to details provided by Employees’ Provident Fund Organisation (EPFO), one of the benefits under the EPS’ 95 is pension to nominee for entire life paid on death of member, in case there is no family, as defined under EPS’ 95.
- Lifelong pension equal to monthly widow pension paid to dependent father or mother on death of member, provided there is no family or nominee of member, the EPFO tweeted.
In exercise of the powers conferred by Section 6A of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government had launched Employees’ Pension Scheme, 1995
Earlier in March, the central government said the increase in minimum pension payout under Employees’ Pension Scheme, 1995 (EPS-95) is not possible without compromising financial viability of the scheme or additional budgetary support, according to a PTI report.
Labour Minister Santosh Gangwar in a written reply in the Lok Sabha said the government has constituted a high empowered monitoring committee for complete evaluation and review of the EPS, 1995. The committee has recommended, inter-alia, enhancement of monthly pension with fulfilling of certain conditions, as per the minister”s reply, the PTI report says.
“It is not possible to increase minimum monthly pension amount without compromising the financial viability of the Scheme (EPS-95) and/or additional budgetary support,” Gangwar said, as per the PTI report.
The government has, for the first time, started providing a minimum pension of Rs 1,000 per month to the pensioners under EPS, 1995 from September 1, 2014 by providing additional budgetary support keeping the widespread demands although there is no provision in the Scheme for budgetary support, the PTI report said.
