Know what types of pensions are available under EPS’95 & who are eligible to get

Every salaried people want to get lifelong regular income after their retirement. The Employees’ Provident Fund Organisation (EPFO) offers different pensions in the Employees’ Pension Scheme (EPS), 1995, or EPS-95.

As per reports, there are seven different pensions available under the Employees’ Pension Scheme, 1995. Below are the details:

Superannuation Pension:

• The people who are the member of EPFO for ten years can claim for the monthly pension on attaining 58 years age, whether in service or not.

Reduced Pension:

• After 10 years of membership if the member leaves the job and does not work in any organization where the members are covered under the EPFO, then can get the reduced pension on attaining the age of 50 years. But can get the Superannuation Pension on attaining the age of 58 years. If the members prefer to get the reduced pension between 50 years and 58 years, then they would get the Reduced Pension with minus the rate of 4% per year.
• For example, if a member is eligible to get Rs 10,000 pension at the age of 58, then he will get Rs 9,600 (with 4 per cent reduction) at the age of 57 and Rs 9,216 (with 4 per cent reduction) at the age of 56.

Disablement Pension:

• The member will be eligible to get the Disablement Pension on leaving service on account of total and permanent disablement.

Widow & Children Pension:

• If the members dies before his retirement, his spouse and two children who are below 25 years of age are eligible to get the Widow & Children Pension. However, if the member had more than three children and all are below 25 years of age, then the first two children will get the pension and the pension of the first child will be stopped once he/she turns 25. Thus the third child will get the pension until he/she becomes 25-year-old. This process will continue till every single child of the family turn 25-year-old. However, if any of the children is disabled, will be eligible to get pension for entire life.

Orphan Pension:

• By surviving two children (of age up to 25 years as on date of death of member/spouse whichever is later) on the death or remarriage of the deceased member.
• However, if the member had more than three children and all are below 25 years of age, then the first two children will get the pension and the pension of the first child will be stopped once he/she turns 25. Thus the third child will get the pension until he/she becomes 25-year-old. This process will continue till every single child of the family turn 25-year-old.

Nominee Pension:

• The nominee declared by the Member through his/her Form 2(R) will get the pension in case the member had no family (Spouse and children).

Dependent Parent:

• By the dependent father and mother of the deceased member who died without a family (spouse and children) and failed to nominate a person for pension.