EPS 1995: What Is Family Pension Scheme? Check Eligibility, Benefits, And How Much Pension Is Offered

EPS Pension Scheme 1995: Many other folks plan their pensions prematurely to make sure a relaxed lifestyles after retirement and to offer protection to their circle of relatives from monetary difficulties. A circle of relatives pension is a technique to handle your family members if one thing occurs to you. 

Under the Employees’ Pension Scheme, 1995, each the member worker and their members of the family—basically the partner and youngsters—are entitled to obtain a pension within the match of the member’s dying, whether or not it happens sooner than or after retirement.

What Is Family Pension Scheme?

Under this scheme, if the husband passes away, his pension is transferred to the spouse, who’s nominated previously; if he dies after the age of 60, the spouse receives 50 according to cent of the pension, whilst if he dies sooner than the age of 60, she receives 100 according to cent of the pension quantity. 

Who Is Eligible For Family Pension Benefits?

As according to govt laws sooner than 2004, the widow or widower of a deceased worker is eligible to obtain the circle of relatives pension till they remarry or go away, and if there’s no surviving partner, the dependent kids underneath 25 years of age turn into eligible for the pension. 

Which Family Members Can Receive It?

EPFO has set transparent tips mentioning that if the deceased worker has kids underneath the age of 25, as much as two kids can obtain the pension, with each and every kid getting 25 according to cent of the pension quantity, and if a kid is bodily disabled, they’re eligible to obtain 75 according to cent of the pension for his or her whole lifetime.

What Happens If Employee Was Unmarried?

If an single worker passes away, their folks are entitled to obtain the entire pension for the remainder of their lives. 

Who Can Apply Under This Scheme?

This scheme basically covers staff from the unorganised sector, together with home staff, boulevard distributors, drivers, plumbers, tailors, mid-day meal staff, rickshaw pullers, development labourers, ragpickers, beedi makers, handloom staff, agricultural staff, cobblers, washermen, leather-based staff, and others.

How Much Pension Is Offered And Docs Required?

The circle of relatives pension for presidency workers is mounted at 30 according to cent of the elemental wage, with a minimal quantity of Rs 3,500 per thirty days, whilst for staff within the unorganised sector, the worker’s source of revenue should now not exceed Rs 15,000 per thirty days, and beneficiaries are required to have a financial savings checking account and an Aadhaar quantity.