EMPLOYEES’ FAMILY PENSION SCHEME-1995 Effective from :- 16 th November, 1995 Presented by Abhay.

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Presentation transcript:

EMPLOYEES’ FAMILY PENSION SCHEME-1995 Effective from :- 16 th November, 1995 Presented by Abhay

Purpose of the Family Pension Scheme To provide pension to Employee On death of employee provide Pension to his family including children Thus Scheme makes provision for : * Old age after retirement * Family after untimely death of employee

PENSION FUND Employer’s contribution % of basic Central Govt.’s contribution – 1.16 % of basic There is no Employee’s contribution (Maximum contribution is made on basic Rs.6500/-)

Eligibility for monthly Pension Minimum service – 10 Years (Except in case of permanent and total disablement) Minimum contribution – 1 month

Monthly Pension for member

Pension amount Pensionable salary x Pensionable service Monthly Pension = OPTIONS :- Option for commutation Option for Return on Capital *Minimum pension – Rs 928/- pm *Permanent & Total Disablement- Min. Pension Rs.250/-pm

Option for Commutation In lieu of monthly pension Members can opt to commute maximum upto 1/3 rd of his pension so as to receive 100 times the monthy Pension so commuted as commuted value of pension. Balance pension will be paid on monthly basis. Example : Normal Pension is say Rs. 600/-. The pensioner opts to commute 1/3 rd of this pension. The commuted value will be equal to 1/3 x 600 x 100= Rs.20,000/-.This will be paid when option for commutation is exercised. The balance of pension will be paid on monthly Rs. 400/- PM (Rs =400)

PENSION ON DEATH OF MEMBER 1. Monthly Widow Pension + Monthly Children Pension 2. Monthly Orphan Pension 3. Monthly Nominee Pension

Widow pension

CHILDREN PENSION

ORPHAN PENSION

NOMINEE PENSION

Option for Return on Capital Members can opt for reduce pension to avail Return on capital.

Remember …….. Types of monthly pension 1.Monthly pension to member on his : * Superannuation Pensions ( 20yrs service + 58 yrs age) * Retirement Pension ( 20 yrs service + Age below 58 yrs). * Short service pension (10yrs but less than 20 yrs service) Options : Option for commutation Option for Return on Capital 2.Monthly pension to Member on Permanent & total disablement.(Minimum Rs.250/- p.m.) 3. Monthly pension to family upon death of member : a) Widow Pension b) Children Pension c) Orphan Pension 4.Pension to nominee – If no family or unmarried

Thank you I welcome your question, if any. For further details you can contact me on