The Ministry of Labour and Employment recently issued a press release on March 10th, 2025, shedding light on the various benefits provided under the Employees’ Pension Scheme (EPS-95). EPS-95 is a crucial social security scheme designed to provide comprehensive protection to workers during their old age and ensure a secure future for their families. Let’s explore the different categories of pension and withdrawal benefits available under this scheme.
Key Benefits Under EPS-95:
Member Pension (Superannuation)
Upon reaching the age of 58, a member becomes eligible for the Member Pension. This benefit ensures that workers enjoy financial security in their retirement years.
Early Member Pension
For those who wish to retire earlier, EPS-95 offers an Early Member Pension starting from the age of 50. This allows workers to receive pension benefits before the typical retirement age.
Disability Pension
If a member becomes permanently and totally disabled during service, they are eligible to receive a Disability Pension. This ensures that workers who are unable to continue their employment due to disability are still financially supported.
Widow/Widower Pension
In case of the death of a member or pensioner, their spouse is entitled to receive a Widow/Widower Pension. This provides financial relief to the surviving spouse during difficult times.
Children Pension
The EPS-95 also covers the children of deceased members. A Children Pension is provided for two children at a time until they reach the age of 25. This benefit ensures the financial well-being of the children after the untimely death of a parent.
Orphan Pension
In case of the death of both the member and their spouse, the children are eligible to receive an Orphan Pension until they turn 25. This benefit ensures that orphans are supported during their formative years.
Disabled Children/Orphan Pension
If a member leaves behind a disabled child or orphan, the disabled child or orphan is entitled to a pension for their entire life. This benefit ensures that children with special needs are supported even after the death of their parents.
Nominee Pension
In cases where a member passes away and there is no family as defined under EPS-95, the member’s nominee is eligible to receive a pension for life. This ensures that a nominated individual is not left without support after the member’s death.
Pension to Dependent Father/Mother
If a member passes away and has no family or nominee, their dependent father or mother is eligible for a pension. This benefit ensures that elderly parents are not financially burdened after the loss of their child.
Withdrawal Benefit
Members who exit the service or reach superannuation but have not completed the required years of service for pension eligibility can avail of the Withdrawal Benefit. This allows them to withdraw the accumulated pension fund.
Growing Number of Pensioners
The Employees’ Pension Scheme (EPS-95) has been benefiting an increasing number of pensioners each year. Here’s a year-wise breakdown of the total number of pensioners receiving benefits under the scheme:
- 2019-20: 6,682,717 pensioners
- 2020-21: 6,919,823 pensioners
- 2021-22: 7,273,898 pensioners
- 2022-23: 7,558,913 pensioners
- 2023-24: 7,849,338 pensioners
As we can see, the number of pensioners under EPS-95 has steadily increased over the years, reflecting the growing reach and impact of this essential social security program.
Conclusion
The Employees’ Pension Scheme (EPS-95) serves as a vital safety net for workers and their families, providing a wide range of pension benefits. From retirement pensions to provisions for disabled children, orphans, and surviving spouses, EPS-95 ensures that workers have financial protection throughout various life contingencies. With the increasing number of pensioners under the scheme, it’s evident that the program continues to play a crucial role in providing financial stability for workers across the country.
