Home Pension Employees’ Pension Scheme (EPS), 1995

Employees’ Pension Scheme (EPS), 1995

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Government had constituted an Expert Committee to review Employees’ Pension Scheme (EPS), 1995 which inter alia recommended providing minimum pension of Rs. 1000/- per month to the pensioners under EPS, 1995 and enhancing wage ceiling for coverage under the Employees’ Provident Funds & Miscellaneous Provisions (EPF & MP), Act, 1952 from Rs. 6,500/- per month to Rs. 10,000/- per month. The Government has since implemented minimum pension of Rs. 1000/- per month to the member/disabled/widow/widower/ parent/nominee pensioners and Rs. 250/- per month for children pensioners and Rs. 750/- per month to orphan pensioners and increased wage ceiling for coverage under EPF&MP Act, 1952 from Rs.6,500 to Rs.15,000/.

The Employees’ Pension Scheme (EPS), 1995 has been calibrated time to time to make it robust. Moreover, Government has recently made the following amendments to the EPS, 1995:

  • Wage ceiling for contributions to EPS, 1995 has been enhanced from Rs.6,500 to 15,000/- per month.
  • Determination of pension based on average of 60 months’ salary prior to exit instead of 12 months’ salary earlier.
  • Option for contributing on salary exceeding the wage ceiling has been deleted.
  • Those members who were contributing on salary exceeding the wage ceiling are required to prefer fresh option and contribute 1.16 per cent of wages exceeding wage ceiling in lieu of the Government’s contribution.
  • Pension and withdrawal benefits under EPS, 1995 to be determined on pro-rata basis for service at wage ceiling of Rs. 6,500/- per month upto 31.08.2014 and Rs. 15,000/- per month thereafter.
  • Eligibility under EPS, 1995 is determined on the basis of contributory service instead of overall period of service.
  • Widow Pension Table (Table C) under EPS, 1995 has been extended upto revised wage ceiling of Rs. 15,000/- per month.

The total number of pensioners under EPS, 1995 are 51,04,397 (Provisional) as on 31.3.2015.

The list of Nationalised Banks in which provision has been made for the retired employees drawing pension under Employees’ Provident Fund Organisation (EPFO) is –

S.No. EPFO Regional Office Pension Disbursing Banks
1 Delhi (North) PNB, SBI, IB, UBI,  HDFC, ICICI, AXIS
2 Delhi (South) PNB, SBI, IB, UBI,  HDFC, ICICI, AXIS
3 Dehradun PNB, SBI
4 Gurgaon PNB, SBI, HDFC, ICICI, AXIS
5 Faridabad PNB, SBI, HDFC, ICICI, AXIS
6 Jaipur PNB, Thar Gramin Bank, HDFC, ICICI, AXIS, SBBJ
7 Shimla PNB, SBI, AXIS
8 Ludhiana PNB, SBI, HDFC, AXIS
9 Chandigarh PNB, SBI, HDFC, AXIS, ICICI
10 Bihar PNB, BOI, HDFC
11 Meerut PNB, SBI
12 Kanpur PNB, SBI, HDFC, ICICI, AXIS
13 Hyderabad SBI, UBI, AB, HDFC, AXIS, ICICI
14 Guntur SBI, AB, HDFC, AXIS, ICICI
15 Nizamabad SBI, SY. BANK, Gramin BANK, UBI, AB, AXIS
16 Bhuvneshwer SBI, BOI, UCO Bank, HDFC, AXIS, ICICI
17 Bangalore SBI, CANARA, SY. BANK, CORP. BANK, VIJAYA BANK, HDFC, AXIS, ICICI
18 Goa SBI, BOI, HDFC
19 Gulbarga SBI, CANARA, SY. BANK, ICICI,CORP. BANK
20 Mangalore SBI, CANARA, SY. BANK, CORP. BANK, VIJAYA BANK, AXIS
21 Peenya SBI, CANARA BANK, SY. BANK, CORP. BANK, HDFC, AXIS, ICICI
22 Coimbatore SBI, IB, IOB, HDFC, AXIS, ICICI
23 Kerala PNB, SBI, IB, IOB, CANARA, SY. BANK, FED.BANK, HDFC, AXIS, ICICI, North Malabar Gramin Bank, SBT
24 Madurai SBI, IB, IOB, HDFC, AXIS, ICICI
25 Tambram SBI, IB, IOB, HDFC, AXIS, ICICI
26 Chennai SBI, IB, IOB, HDFC, AXIS, ICICI
27 Ranchi PNB, BOI, UBI, HDFC, AXIS, ICICI
28 Jalpaiguri SBI, UBI, UCO, CBI, UBKG BANK
29 Kolkata PNB, UBI, HDFC, AXIS,ICICI
30 Guwahati SBI, HDFC, AXIS, ICICI
31 Raipur PNB, SBI, HDFC, AXIS, ICICI, CBI,
32 Bandra PNB, SBI, BOI, HDFC, AXIS, ICICI, BOM, IB
33 Thane PNB, SBI, BOI, HDFC, AXIS, ICICI
34 Kandivali PNB, SBI, BOI, HDFC, AXIS,ICICI
35 Pune PNB, SBI, BOI, HDFC, AXIS, ICICI, BOM
36 Nagpur PNB, SBI, BOI, HDFC, AXIS, ICICI
37 Ahemdabad SBI, DENA, HDFC
38 Surat SBI, DENA, HDFC, AXIS, ICICI
39 Vadodara SBI, DENA, HDFC
40 Indore PNB, SBI, HDFC, AXIS, ICICI

This was stated by Shri Bandaru Dattatreya, the Minister of State(IC) for Labour and Employment in response to a written question in Lok Sabha today

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Source : PIB

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