TYPES OF PENSIONS

[Audio] TYPES OF PENSIONS Presented by Group-D Batch-VIII S Susmitha Sk Saleem D Moosam Akthar Vinod S K J Shankar Pavan Bogar N Shanmukha P Ganesh 01.09.2023.

[Audio] EMPLOYEES’ PENSION SCHEME,1995 INTRODUCTION:- THE PENSION IS FIXED RETIREMENT FUND FOR AN EMPLOYEE PAID AS REGULAR INCOME AT REGULAR INTERVALS DURING HIS POST RETIREMENT. THE SCHEME CAME INTO FORCE ON 16TH DAY, NOVEMBER,1995 WHICH REPLACED CEASED FAMILY PENSION SCHEME, 1971. UNDER THIS SCHEME PENSION IS CALCULATED AS BELOW: MONTHLY MEMBER’S PENSION =PENSIONABLE SALARY* PENSIONABLE SERVICE 70.

[Audio] TYPES OF PENSION MONTHLY MEMBER PENSION REDUCED PENSION DEFERRED PENSION(with contribution and without contributions) WIDOW/WIDOWER PENSION CHILDREN PENSION ORPHAN PENSION DISABLE CHILD PENSION DEPENDANT PARENT PENSION PERMANENT DISABILITY PENSION.

[Audio] MONTHLY MEMBER PENSION:- A member shall be entitled to Superannuation pension if he has rendered eligible service of 10 years or more and retires on attaining the age of 58 years.

[Audio] reduced/ early pension:- Early pension, if he has rendered eligible service of 10 years or more and retires before attaining the age of 58 years. A member if he so desires, may be allowed to draw an early pension from a date earlier than 58 years of age but not earlier than 50 years of age. In such cases, the amount of pension shall be reduced at the rate of 4%, for every year the age falls short of 58 years..

[Audio] Deferred pension:- A member who has attained the age of 58 years and if he so desires, may be allowed to defer the age of drawing pension later than fifty-eight years but not beyond sixty years of age with contributions or without contributions. The amount of pension shall be increased at the rate of four per cent for every completed year after the age of 58 years. For drawing defered pension with contributions the member shall give option form before attaining 58 years..

[Audio] Widow/widower pension:- On death of member while in service, the spouse is entitled to receive widow/widower pension provided that at least one month’s contribution has been paid into Employees’ Pension Fund. Monthly widow/widower Pension is equal to 50 percent of the monthly member's pension payable to the member on the date of his death subject to a minimum of Rs.450 per month. The monthly widow pension shall be payable up to the date of death of the widow or remarriage whichever is earlier..

[Audio] Children pension:- If there are any surviving children of the deceased member, they shall be entitled to a monthly children pension in addition to the monthly widow/widower pension. Monthly children pension for each child is equal to 25% of the amount admissible to the widow of the deceased member as monthly widow pension. Monthly children pension is payable until the child attains the age of 25 years. The monthly children pension is payable to maximum of two children at a time and will run from the oldest to the youngest child in that order..

[Audio] Orphan pension:- If the deceased member is not survived by any widow/widower, but is survived by children, the children shall be entitled to monthly orphan pension equal to 75 percent of the amount of the monthly widow pension. 01.09.2023.

[Audio] Disabled child pension:- If a member dies leaving behind a family having son or daughter who is permanently and totally disabled, such son or daughter shall be entitled to payment of monthly children pension or orphan pension, as the case may be, irrespective of age and number of children in the family. The Medical Certificate is required to be produced as per prescribed by the Central Board. 01.09.2023.

[Audio] Dependent parent pension:- If a member dies leaving behind no spouse and/or an eligible child falling within the definition of family and no nomination by such deceased member exists, the widow pension shall be paid to dependent father or dependent mother as the case may be. On grant of pension to such dependent father and in the event of death of the father pensioner, the admissible pension shall be extended to the surviving mother lifelong. 01.09.2023.

[Audio] PERMANENT DISABILITY PENSION:- A member, who is permanently and totally disabled during the employment shall be entitled to pension as admissible to a minimum of Rs. 250/- per month notwithstanding the fact that he/she has not rendered the pensionable service entitling him/her to pension under paragraph 12 provided that she/he has made at least one month's contribution to the Pension Fund. The monthly member's pension in such cases shall be payable from the date following the date of permanent total disablement and shall be payable for the life-time of the member. A member applying for benefits under this paragraph shall be required to undergo such medical examination as may be prescribed by the Central Board to determine whether or not he or she is permanently and totally unfit for the employment which he or she was doing at the time of such disablement..

[Audio] THANK YOU. 13. THANK YOU.