Employees’ Pension Scheme is a social insurance scheme for survivors, old aged and disabled persons in order to ensure long term financial sustenance. Employees’ Pension Scheme, 1995 offers three types of benefits. The Survivor Pension is offered in case of death of a member during service period. The Old Age Pension is offered on Superannuation of a member and the Permanent Disability Pension is offered in the event of any member suffering permanent disability while in service.
To avail the Old age pension on account of superannuation or retirement the member must attain the age of 58 years. In case, a member opts to exit from employment before attaining the age of 58 years, under no circumstances pension will be payable before the age of 50 years. A member may be allowed to draw a monthly pension at a reduced rate if he opts to draw monthly pension from a date earlier than 58 years of age.
