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    Family Pension Scheme - 1995 702

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    Sharma Shikha
    This document summarizes an employee family pension scheme. It provides monthly pension to employees on retirement, death, or disability. It also provides monthly pension to the employee's family upon death, including widow pension, children pension, and orphan pension. The scheme is funded through employer and government contributions of up to 8.33% and 1.16% respectively of the employee's basic salary up to a maximum of Rs. 6,500. Employees have options to commute part of their monthly pension for a lump sum or to reduce their pension for a return of capital contribution.

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    Family Pension Scheme - 1995 702

    Uploaded by

    Sharma Shikha
    33 views15 pages
    This document summarizes an employee family pension scheme. It provides monthly pension to employees on retirement, death, or disability. It also provides monthly pension to the employee's family upon death, including widow pension, children pension, and orphan pension. The scheme is funded through employer and government contributions of up to 8.33% and 1.16% respectively of the employee's basic salary up to a maximum of Rs. 6,500. Employees have options to commute part of their monthly pension for a lump sum or to reduce their pension for a return of capital contribution.

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    This document summarizes an employee family pension scheme. It provides monthly pension to employees on retirement, death, or disability. It also provides monthly pension to the employee's family upon death, including widow pension, children pension, and orphan pension. The scheme is funded through employer and government contributions of up to 8.33% and 1.16% respectively of the employee's basic salary up to a maximum of Rs. 6,500. Employees have options to commute part of their monthly pension for a lump sum or to reduce their pension for a return of capital contribution.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    33 views15 pages

    Family Pension Scheme - 1995 702

    Uploaded by

    Sharma Shikha
    This document summarizes an employee family pension scheme. It provides monthly pension to employees on retirement, death, or disability. It also provides monthly pension to the employee's family upon death, including widow pension, children pension, and orphan pension. The scheme is funded through employer and government contributions of up to 8.33% and 1.16% respectively of the employee's basic salary up to a maximum of Rs. 6,500. Employees have options to commute part of their monthly pension for a lump sum or to reduce their pension for a return of capital contribution.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 15

    EMPLOYEES FAMILY PENSION SCHEME-1995

    Effective from :16th 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
    Employers contribution - 8.33 % of basic Central Govt.s contribution 1.16 % of basic ---------------------------------------There is no Employees 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

    Type of Pension Condition


    2 R etirement Pension 4 Permanent & Total D isab lement Pension

    Monthly Pension for member


    21 Y rs Service + A ge b elow 58 Y rs

    1 Superannuation Pension Y rs Service + A ge 58 Y rs 20 3 Short Service Pension 10 Y rs b ut less than 20 y rs Service (irrespective of Pensionab le service)

    O ne month's contrib ution to Pension Fund

    W ithdrawal b enefit Less than 10 years service

    Pension amount
    Pensionable salary x Pensionable service Monthly Pension = --------------------------------------------70 *Minimum pension Rs 928/- pm *Permanent & Total Disablement- Min. Pension Rs.250/-pm OPTIONS : Option for commutation Option for Return on Capital

    Option for Commutation


    In lieu of monthly pension Members can opt to commute maximum upto 1/3rd 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 1/3rd 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 basis @ Rs. 400/- PM (Rs.600-200=400)

    PENSION ON DEATH OF MEMBER


    1. Monthly Widow Pension + Monthly Children Pension 2. Monthly Orphan Pension 3. Monthly Nominee Pension

    Widow pension
    1 I f e m pl o yd ie d i n ee serv i ce

    E qu a l to m on th l y pen si on of M em b r e t i r e d o n d t . o f d eRR s .4 5 0 / - p.m . O ath OR A m ou n t i n T a ble C wh i ch ev er i s m o

    2 I f e m pl o yd ie d a ft e r E q u a l t o m o n t h l y p e n s i o n o f M e m b ee S e r v i ca n d b e fo r e e r e t i r e d o n d t . o fO e x is .4 5 0 / - pO R . RR t .m a t t a i n i n g a ge o f 5 8 Y e ao u n t i n T a b l e C w h i c h e v e r i s m o am rs 3 I f e m pl o y e e d i e d a ft 5 0 % o f M e m be r 's P e n s i o n er c o m m e n c e m e n t o f (M i n i m u m R s . 4 5 0 / p p m ) m on th ly P en sion

    CHILDREN PENSION
    A pplicable P en si on E lig ib ility

    S u rv i v i n g ch i ldren of th e deceased m em ber 2 5 % of W idow P en si on ( M i n im u m R s. 15 0 / - pm ) * M a x im u m - 2 c h ild re n * T ill a g e o f 2 5 y e a rs * P erm an en t & T otal di sabled ch i ld w i ll get pen si on i rrespecti v e of age n o. of ch i ldren .

    ORPHAN PENSION
    Applicable If widow pension is not payable (i.e.no widow or widow remarried and only children are there) 75 % of Widow Pension ( M inimum Rs. 250/ - pm) * Maximum - 2 Orphan Children * Permanent & Total disabled children will get pension irrespective of age and no. of children(Para 16(3)(e).

    Pension Eligibility

    NOMINEE PENSION

    A p p li c a b leI f n o l i v i n g s p o u s e o r c h i ld P en sio n E q u al to W id o w P en sio n

    Option for Return on Capital Return on capital. Members can opt for reduce pension to avail
    Sr.No. AL T E R NAT IVE S R E VISE D PE NSION R E T UR N ON C APIT AL 1 a) R evised Pension during lifetim e of original 90 % 10 0 tim es original of . of M em ber + M onthly pension m onthly pension on b) R eturn on C apital on death of death of M em ber to m em ber nom inee 2 a) R evised Pension during lifetim e% of original 90 90 tim es original of of M em ber Andlifetim e of W idowM onthly pension to m onthly pension on M em ber And on his death of widow/ death 80 % of original arriage to nom inee rem m onthly Pension to W idow 3 Pension for fixed period of 2 0 yrs .5 % of m onthly 10 0 tim es original 87 of (W hether m em ber lives or dies pension for 2 0 yrs m onthly pension at he during the said period) ( After 2 0 yrs pension of 2 0 years to end will cease) M em ber if he is alive, otherwise to Nom inee T his is in addition to W idow/ C hildren/ Orphan norm al pension on death of

    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 [email protected]

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