7 key rules about EPS-95 pension: Eligibility, pension formula, benefits, and more
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Who is covered under the EPS-95 scheme?
The Employees' Pension Scheme (EPS-95) covers employees working in establishments that are covered by the EPF scheme. It also covers those who were part of the erstwhile Family Pension Scheme, 1971, as well as employees who joined between April 1, 1993, and November 15, 1995. EPS membership lasts until the member reaches age 58.
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What benefits are available under EPS-95?
EPS-95 offers multiple benefits to eligible members and their families, including:
● Monthly superannuation pension
● Family pension for eligible dependants
● Disablement pension in case of permanent and total disability
● Withdrawal benefit for eligible members leaving service early
● Minimum assured pension for eligible pensioners
● Monthly superannuation pension
● Family pension for eligible dependants
● Disablement pension in case of permanent and total disability
● Withdrawal benefit for eligible members leaving service early
● Minimum assured pension for eligible pensioners
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Who is eligible for EPS-95 pension?
Employees earning up to Rs 15,000 per month and covered under EPF are eligible for EPS membership. For regular pension benefits, a member generally needs to complete at least 10 years of eligible service. However, the 10-year service condition does not apply in the case of disablement pension.
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How is EPS-95 pension calculated?
The monthly pension under EPS-95 is calculated using the following formula: EPS Pension = (Pensionable Salary × Pensionable Service) ÷ 70 Here, pensionable salary refers to the average monthly salary drawn during the last 60 months of service.
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Can EPS-95 pension be claimed before age 58?
Yes. Members can opt for an early pension from age 50, subject to the conditions prescribed under the EPS-95 scheme.
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How are nominations updated under EPS-95?
Family and nomination details under EPS-95 are submitted through Form No. 2, prescribed under the Employees’ Provident Fund, Employees’ Pension Scheme and Employees’ Deposit Linked Insurance Scheme.
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Life certificate rules for EPS-95 pensioners
EPS pensioners are required to submit a life certificate/non-remarriage certificate after 12 months from the date of pension sanction or the submission of the last life certificate. Failure to submit the required certificate can lead to stoppage of pension payments. Pensioners can submit:
● A physical life certificate through the pension-disbursing bank, or
● A Digital Life Certificate (DLC) using Aadhaar.
● A physical life certificate through the pension-disbursing bank, or
● A Digital Life Certificate (DLC) using Aadhaar.
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Where can EPS pensioners submit a Digital Life Certificate?
The Digital Life Certificate (DLC) facility is available through:
● Common Service Centres (CSCs)
● Pension-disbursing bank branches
● India Post Payments Bank (IPPB) facilities
● EPFO offices
Using Aadhaar-based DLC helps pensioners complete the process without submitting a physical life certificate every year.
● Common Service Centres (CSCs)
● Pension-disbursing bank branches
● India Post Payments Bank (IPPB) facilities
● EPFO offices
Using Aadhaar-based DLC helps pensioners complete the process without submitting a physical life certificate every year.