Tuesday, May 20, 2014

PF Benefits - The Employees Pension Scheme 1995 ( EPS ) Benefits and Nomination



The Employees Pension Scheme 1995 Benefits are Minimum pension on disablement. past service benefit to participants of erstwhile family pension scheme 1971. Amount of pension based on average salary during the preceding months from the date of exit and total years of employment. Monthly benefits for superannuation , retirement , disability , survivor, chhildren ,widow.

EPF - The Employees Pension Scheme 1995 nomination criteria or procedure are In case the member has no family, one person can be nominated. However such nomination will become invalid once the member acquires a family. Member has top give the names of spouse and all children in the prescribed form.

In the Employees Pension scheme 1995 , in exercise of the powers conferred by section 6A of the Employees provident funds and miscellaneous provisions Act ,1952 the central government here by makes the following scheme namely, this scheme may be called the employees pension scheme1995 and this scheme shall come into force on 16 th day of november 1995 and it is subject to the provisions of this scheme the employees have an otion to become the members of the scheme with effect from the 1st april 1993.


Subject to the provisions of section 16 of the Employees provident funds and miscellaneous provisions Act 1952 this scheme shall apply to the employees of all factories and other establishments to which the employees provident funds and miscellaneous provision acet 1952 applies or is applied under sub section 3 or 4 of section 1 or section 3 thereof.

Benefits to the family on the death of a member
(1) 28[Pension to the family] shall be admissible from the date
following the date of death of the member if the member dies ..
(a) while in service, provided that at least one month's
contribution has been paid into the Employees' Pension Fund, or
(b) after the date of exit but before attaining the age of 58, from
the employment having rendered service entitling him/her to monthly member's pension but 1[before the commencement of
pension payment or]
(c) after commencement of payment of the monthly member's
pension

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