Hi,
Check this policy i made it for my company.Hope it is usefull for you.
Employee Pension Scheme:-
Objective:-
Employees' Pension Scheme-95 came into effect from 16.11.95. The Employees' Pension Scheme-95 has been conceived as a Benefit defined Social Insurance Scheme formulated following actuarial principles for ensuring long term financial sustenance.
Applicability of the Act:-
The Scheme on its introduction applied on compulsory basis to all the new members of Provident Fund and the existing members who were contributing to the Employees' Family Pension Scheme-1971.
Contribution:-
· No separate contribution is payable additionally by the member for the Pension Scheme benefits. Out of the Employer contribution of 12% towards provident fund, 8.33% is diverted to Pension Scheme and balance 3.67% will be in credit of employee’s name in Provident Fund account.
· If some employers are paying contribution on salary in excess of Rs. 6,500, the excess contribution will be credited to Provident Fund account and not to Pension Scheme.
· No separate administration charges or inspection charges are payable, as these are already paid along with Provident Fund contribution.
Benefits:-
Newly introduced Employees' Pension Scheme-95 provides for following benefit package:
1. Pension for life to the member, on superannuation/retirement and invalidation.
2. To the members of the family upon death of the member:
a. Pension to Widow/Widower for life or till re-marriage.
b. To children/orphan, two at a time additionally upto 25 years of age simultaneously with widow/widower pension.
c. Facility for payment of pension to nominee in the event of member who is unmarried or without any eligible family member to receive pension, and
d. Facility for payment of pension to dependent father/mother in the event the member dies leaving behind no eligible family members and no nomination by such deceased member exists.
3. Scheme Certificate to retain membership of the Scheme till attaining the age of 58 years.
Superannuation/retirement pension under the new scheme will be payable on fulfilling:-
a. Minimum 10 years eligible service and
b. Attaining age of 58 years.
On ceasing employment earlier than 58 years, pension may be availed of by a member at his option, before attaining the age of 58 years but not below 50 years. Such early pension will be subject to discounting factor. However, no such age restriction or eligibility requirement shall apply for pension entitlement on disablement or pension payable to the family members on death of the member. Membership with one contribution is enough in such cases.
Thanks & Regards
Sharen Garg