Ministry of Labour & Employment10-August, 2015 20:51 IST
Employees Pension Scheme

 

            Government had constituted an Expert Committee to review Employees’ Pension Scheme (EPS), 1995 which inter alia recommended providing minimum pension of Rs. 1000/- per month to the pensioners under EPS, 1995 and enhancing wage ceiling for coverage under the Employees’ Provident Funds & Miscellaneous Provisions (EPF & MP), Act, 1952 from  Rs. 6,500/-  per month to  Rs. 10,000/- per month. The Government has since implemented minimum pension of Rs. 1000/- per month to the member/disabled/widow/widower/ parent/nominee pensioners and Rs. 250/- per month for children pensioners and Rs. 750/- per month to orphan pensioners and increased wage ceiling for coverage under EPF&MP Act, 1952 from Rs.6,500 to Rs.15,000/.

The Employees’ Pension Scheme (EPS), 1995 has been calibrated time to time to make it robust.  Moreover, Government has recently made the following amendments to the EPS, 1995:

 

         Wage ceiling for contributions to EPS, 1995 has been enhanced from Rs.6,500 to 15,000/- per month.

         Determination of pension based on average of 60 months’ salary prior to exit instead of 12 months’ salary earlier.

         Option for contributing on salary exceeding the wage ceiling has been deleted.

         Those members who were contributing on salary exceeding the wage ceiling are required to prefer fresh option and contribute 1.16 per cent of wages exceeding wage ceiling in lieu of the Government’s contribution.

         Pension and withdrawal benefits under EPS, 1995 to be determined on pro-rata basis for service at wage ceiling of Rs. 6,500/-  per month upto 31.08.2014 and Rs. 15,000/- per month thereafter.

         Eligibility under EPS, 1995 is determined on the basis of contributory service instead of overall period of service.

         Widow Pension Table (Table C) under EPS, 1995 has been extended upto revised wage ceiling of Rs. 15,000/- per month. 

 

The total number of pensioners under EPS, 1995 are 51,04,397 (Provisional) as on 31.3.2015.

 

The list of Nationalised Banks in which provision has been made for the retired employees drawing pension under Employees’ Provident Fund Organisation (EPFO) is -

List of Pension Disbursing Agencies under Employees’ Pension Scheme (EPS), 1995

 

S.No.

EPFO Regional Office

Pension Disbursing Banks

1

Delhi (North)

PNB, SBI, IB, UBI,  HDFC, ICICI, AXIS

2

Delhi (South)

PNB, SBI, IB, UBI,  HDFC, ICICI, AXIS

3

Dehradun

PNB, SBI

4

Gurgaon

PNB, SBI, HDFC, ICICI, AXIS

5

Faridabad

PNB, SBI, HDFC, ICICI, AXIS

6

Jaipur

PNB, Thar Gramin Bank, HDFC, ICICI, AXIS, SBBJ

7

Shimla

PNB, SBI, AXIS

8

Ludhiana

PNB, SBI, HDFC, AXIS

9

Chandigarh

PNB, SBI, HDFC, AXIS, ICICI

10

Bihar

PNB, BOI, HDFC

11

Meerut

PNB, SBI

12

Kanpur

PNB, SBI, HDFC, ICICI, AXIS

13

Hyderabad

SBI, UBI, AB, HDFC, AXIS, ICICI

14

Guntur

SBI, AB, HDFC, AXIS, ICICI

15

Nizamabad

SBI, SY. BANK, Gramin BANK, UBI, AB, AXIS

16

Bhuvneshwer

SBI, BOI, UCO Bank, HDFC, AXIS, ICICI

17

Bangalore

SBI, CANARA, SY. BANK, CORP. BANK, VIJAYA BANK, HDFC, AXIS, ICICI

18

Goa

SBI, BOI, HDFC

19

Gulbarga

SBI, CANARA, SY. BANK, ICICI,CORP. BANK

20

Mangalore

SBI, CANARA, SY. BANK, CORP. BANK, VIJAYA BANK, AXIS

21

Peenya

SBI, CANARA BANK, SY. BANK, CORP. BANK, HDFC, AXIS, ICICI

22

Coimbatore

SBI, IB, IOB, HDFC, AXIS, ICICI

23

Kerala

PNB, SBI, IB, IOB, CANARA, SY. BANK, FED.BANK, HDFC, AXIS, ICICI, North Malabar Gramin Bank, SBT

24

Madurai

SBI, IB, IOB, HDFC, AXIS, ICICI

25

Tambram

SBI, IB, IOB, HDFC, AXIS, ICICI

26

Chennai

SBI, IB, IOB, HDFC, AXIS, ICICI

27

Ranchi

PNB, BOI, UBI, HDFC, AXIS, ICICI

28

Jalpaiguri

SBI, UBI, UCO, CBI, UBKG BANK

29

Kolkata

PNB, UBI, HDFC, AXIS,ICICI

30

Guwahati

SBI, HDFC, AXIS, ICICI

31

Raipur

PNB, SBI, HDFC, AXIS, ICICI, CBI,

32

Bandra

PNB, SBI, BOI, HDFC, AXIS, ICICI, BOM, IB

33

Thane

PNB, SBI, BOI, HDFC, AXIS, ICICI

34

Kandivali

PNB, SBI, BOI, HDFC, AXIS,ICICI

35

Pune

PNB, SBI, BOI, HDFC, AXIS, ICICI, BOM

36

Nagpur

PNB, SBI, BOI, HDFC, AXIS, ICICI

37

Ahemdabad

SBI, DENA, HDFC

38

Surat

SBI, DENA, HDFC, AXIS, ICICI

39

Vadodara

SBI, DENA, HDFC

40

Indore

PNB, SBI, HDFC, AXIS, ICICI

 

 

 

This was stated by Shri Bandaru Dattatreya, the Minister of State(IC) for Labour  and Employment in response to a written question in Lok  Sabha  today

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