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@ Employees¶ Pension Scheme¶1995
@ Benefits under the Scheme
@ Early Pension
@ Scheme Certificate
@ Widow Pension
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@ Children Pension
@ Nominee Pension
@ Parental Pension
@ Orphan Pension
@ Commutation of Pension (at the option of
member only)
@ Option for return of Capital
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^s for
Survivor,
Disabled,
Nominee,
Widow,
Children,
Orphan and,
Parents
  
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è uhe member can opt for withdrawal benefit
è No withdrawal for less than 7 months service.
è Member can also opt for Scheme Certificate
è No pension is payable for less than 10 years
service.
è uhe contribution paid shall be refunded after
multiplying the wage with multiplier (uable ± A)
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[ength 1 2 3 4 5 6 7 8 9
of
service

Wage 1.02 2.05 3.10 4.16 5.28 6.40 7.54 5.70 9.98
multiplier
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Suppose------ member leaves employment

after 4 years of service having wage as
Rs. 4000
uhen«!
Refundable contribution shall be
Rs. 4000 X 4.18 = Rs. 16720
  
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^n such a case Pension shall be

calculated by the formula - ^
i.e. Pen¶ble salary X Pen¶able service
70
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Suppose---- member rendered 18

years of Pensionable service and
Pensionable salary as Rs. 4000,
uhen«.
Pension Payable shall be Rs. 1029/-
(as per formula ± ^)
  
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Dull pension shall be paid,applying formula±^.

Pensionable service (of 20 year or more) shall be
treated as 22 years
(Note : 2 years weight age is allowed for 20 years and more service)




 




Applicable to members of the earlier

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have attained the age of 48 years
and more than 53 years as on
16/11/95.
 ¦ 

 
@ ^f A¶sage on 16/11/1995 is less than 48 yrs
Monthly Pension shall be Rs. 635/-
@ ^f age on 16/11/1995 is between 48 ±53yrs
Monthly Pension shall be Rs. 438/-
@ ^f age on 16/11/1995 is more than 53 yrs
the Monthly Pension shall be Rs 335/-
 
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Pension shall be determined by formula ± ^

i.e. Pen¶able salary X Pen¶able service
70
Pensionable service rendered from 16/11/95.
or
Rs. 635, whichever is more  past service
benefit as per table - B
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Sr. Past uhe past service benefit payable on

No. service completion of 58 years of age on
( ^.e. Prior to 16/11/95
16/11/95)

Salary up to Rs. 2,500/- P. M. Salary more than Rs. 2,500/- P. M.

- -
Up to 11 years Rs. 80/- Rs. 85/-
1
More than 11 Rs. 95/- Rs. 105/-
2 years and up to
15 years
More than 15 Rs. 120/- Rs. 135/-
3 years and up to
20 yrs.
Beyond 20 RS. 150/- Rs. 170/-
4 years
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Pension shall be calculated by formula - ^
i.e Pensionable salary X Pensionable service
70
(Dor the period of service rendered from 16/11/95)
or
*  whichever is more d
past service benefit*
subject to minimum
*  (^f past service is 24 yrs.) and minimum to
*
- (if past service is less than 20 yrs.)
*(as per para 12(3) of the Scheme)
  
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Pension shall be
= Pensionable salary X Pensionable service
70
(Dor the period of service from 16/11/95 till date of exit)
Or
*  whichever is more  past service benefit*
subject to minimum
*  (if the past service is 24 yrs.)
*  (if past service is less than 24 yrs.)
(*uable ± B/as per para 12(3) of the Scheme)
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, 
    

Ú Pension shall be allowed««., provided««

ÚMember has attained the age of 50yrs.
 more
Ú i.e. not payable before 50 years of age and,
Ú uhe amount of pension shall be reduced @ 3
% for every year and
Ú Drom 58th year onward full pension shall be payable
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Ú ^s issued at the request of member when his service is more
than 6 months but less than 10 yrs (Dorm 10 C)
Ú ^f member leaves service or move from covered to
uncovered establishment before reaching superannuation /
retirement
Ú uhe pensionable salary and pensionable service shown
in the certificate shall be taken in the account for
working out full pensionable service 
  
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Ú Otherwise, pension shall be fixed on attaining 50 yrs. ±
58 yrs.

  








 

 


 
   

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1 - When member dies during service after contributing for

at least one month 
 


 



   

 





d
   
2 - When member dies after commencement of
pension
3 ± When member while not in service before the
age is 58 years. (uable ± C)
4 ± When member dies after completing 58 years (50% of
member¶s pension provided he had 10 years service)
 


Mr. ³X´ became member of EPS¶95 on

01/01/96. Died in Debruary 1996. Wage of Rs.
1500/- per month. [eft behind widow 22 yrs;
child 4 yrs. Employer contributed pension fund
for the month of January 1996.
Here«., pensionable service is one month
and pensionable salary is Rs. 1500/- the widow
pension shall be calculated as follows:
 ¦
 

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uhe widow pension shall be, either
= Pensionable Salary X Pensionable Service
70
Or
Minimum @ Rs. 450/- per month*
Or
Maximum @ Rs. 718/- per month**
½   



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*(as per para 16 (2) (a) (1) of the scheme,)

** (as per table ± C)
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Say«., Mr. Y joined Employee¶s Damily Pension Scheme,
1971 in January 1972. Died while in service, on
30/03/1998. Salary of Rs. 2500/- p.m. till death. He was 48
years old at the time of death. He left behind his widow,
two sons aged 16 yrs. and 7 yrs and one daughter aged 20
yrs
Here«., at the time of death, Y¶s pensionable service is
26 yrs* and Average monthly salary at the time of death is
Rs. 2500/-

*(since fraction of 3 months pensionable service to ignored as per 9

(a) of the Scheme)
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^ Hence monthly pension shall be«., 



= Pensionable Salary X Pensionable Service
70
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Minimum @ Rs. 250/- p m* ½
d½

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Maximum @ Rs. 1087/- per month (uable ± C)
whichever is more for life or till remarriage whichever
is earlier
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@ ^f member died while drawing Pension,

the widow pension shall be 50% of
deceased member¶s pension 

subject to a minimum of Rs. 250/*

d½
  
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Ú At a given time only two eldest children upto the

age of 25 years shall be entitled to 25% of
Widow¶s pension
Ú Child attaining age of 25 years shall cease to be
beneficiary, and« next younger child shall start
getting pension till age of 25 years.
 
, 


50 % of member¶s pension is payable

to the nominee
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50 % of member¶s pension is payable

to the Parent (Dather / Mother)
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Dull Pension


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75 % of widow¶s pension
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Úuhe member may commute 1/3 of his monthly

pension.
Úuhe commuted value shall be 100 times the
monthly pension.
ÚBalance Pension shall be paid on monthly basis.
ÚHe may also opt for return of capital*
of the payable Balance pension.
*(u/p 13 of EPS)
 *  ¦








èMember may opt for return of

capital under any of the three
alternatives as per uable provided u/p 13 of
the Scheme.
  
 
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 uhe Scheme i.e. EPS¶95
 Special Provision for early pension
 uhe Scheme Certificate
 Widow Pension
 Nominee Pension
 Children Pension
 Orphan Pension
 Parental Pension
 Commutation of Pension, and
 Return of Capital
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Shri M P S^NHA, REG^ONA[ PROV^DENu DUND
COMM^SS^ONER ± ^, BARODA REG^ON for
encouragement and guidance, Shri PRADEEP
SAHAR^YA, CHA^RMAN ± N^PM BARODA
CHAPuER for nomination, Shri HEMANu
MADHUKAR u^RPUDE, ASS^SuANu
PROV^DENu DUND COMM^SS^ON, RO,
BARODA, Shri B N VA^DYA Manager (^R) ONGC
for facilitation and my supporting officials Shri Sunil
Kumar Gupta, for his untiring and sincere devotion in
making this slide show possible. Shri Vijay N
Kotecha, Shri K P Vora, Shri Girishbhai for their help
in updating the information.
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