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PENSION | |||
| 131 | \Who will be covered by the Pension Scheme?
Every member of the ceased Family Pension Scheme 1971 and anyone who joins any covered establishment on or after 16-11-95 is compulsorily to join this scheme, provided his/her salary/wage is less than Rs. 6500/- per month at the date of appointment. |
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| 132 | \Who will be covered by the Pension Scheme?
Every member of the ceased Family Pension Scheme 1971 and anyone who joins any covered establishment on or after 16-11-95 is compulsorily to join this scheme, provided his/her salary/wage is less than Rs. 6500/- per month at the date of appointment. |
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| 133 | Can member not get pension earlier?
Yes, he/she may receive pension on reaching age of 50 years. In that case pension payable from age of 50 years will be reduced by 3% for each year falling short of 58. |
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| 134 | Can member not get pension earlier?
Yes, he/she may receive pension on reaching age of 50 years. In that case pension payable from age of 50 years will be reduced by 3% for each year falling short of 58. |
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| 135 | Why are there two pension formulas?
For the past service upto 15.11.95, there is a table to calculate the benefits. For actual service from 16.11.95 onwards there is a formula which is Pension formula is 1/70 * Pensionable Salary * Pensionable Service. From those rendering 20 years service, pensionable service is enhanced by two years. This is inline with concept that maximum pension should be paid to the longest service employee. |
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| 136 | Why are there two pension formulas?
For the past service upto 15.11.95, there is a table to calculate the benefits. For actual service from 16.11.95 onwards there is a formula which is Pension formula is 1/70 * Pensionable Salary * Pensionable Service. From those rendering 20 years service, pensionable service is enhanced by two years. This is inline with concept that maximum pension should be paid to the longest service employee. |
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| 137 | If employee has reached age of 50 years, what does he/she has to do to receive monthly pension?
As and when he / she is quitting the employment, they can apply for reduced monthly pension. |
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| 138 | If employee has reached age of 50 years, what does he/she has to do to receive monthly pension?
As and when he / she is quitting the employment, they can apply for reduced monthly pension. |
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| 139 | Employee is a member of ESIC. On his disablement he will receive benefit from there as well. Will his benefit under Employees' Pension Scheme be affected by this?
No, his benefit under the scheme is due to his contribution under The Employees' Pension Scheme '95. Accordingly the disablement pension will not be affected notwithstanding his availing benefit elsewhere. |
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| 140 | Employee is a member of ESIC. On his disablement he will receive benefit from there as well. Will his benefit under Employees' Pension Scheme be affected by this?
No, his benefit under the scheme is due to his contribution under The Employees' Pension Scheme '95. Accordingly the disablement pension will not be affected notwithstanding his availing benefit elsewhere. |
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