The Employees’ Provident Fund Organisation (EPFO) is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. At present it maintains 24.77 crore accounts (Annual Report 2019-20) pertaining to its members.
EPFO runs a pension scheme called the Pension Scheme 1995 (EPS), underway which several benefits are extended to both the existing and new members.
Here are the salient features of EPS’95:
- Member pension upon superannuation at the age of 58 years.
- Early members pension from age of 50 years (only if unemployed).
- Disablement pensison on permanent and total disablement of member during service.
- Widow/ widower pension on death of member (including under 1st provision to Para 12(8) or pensioner.
- Children pension for 2 children at a time till the age of 25 years on death of the member/pensioner.
- Orphan pension to 2 orphans at a time till the age of 25 years on death of a member/pensioner when there is no spouse or on death of spouse.
- Disabled children/orphan pension for the entire life of the disabled child/orphan.
- Nominee pension on death of member and paid for life to a person duly nominated by the member in case there is no family as defined under EPS, 1995.
- Pension to dependent father/mother upon death of a member provided there is no family or nominee of the member.
— EPFO (@socialepfo) December 22, 2022