Ensuring Lifetime Income After Retirement
The Employees' Pension Scheme, 1995, notified under Section 6A of the EPF & MP Act, 1952, provides pensionary benefits to eligible employees of establishments covered under the Act. It ensures monthly pension on superannuation, early retirement, permanent disability, and offers family pension in case of member’s demise. Employers contribute 8.33% of wages and the Central Government contributes 1.16% (subject to wage ceiling) towards the Pension Fund. Members with minimum 10 years of eligible service are entitled to pension; others may opt for withdrawal benefits or scheme certificate.
