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Tuesday, 11 August 2015

EMPLOYEES PENSION SCHEME

Press Information Bureau 
Government of India
Ministry of Labour & Employment
10-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.

***
Source:- PIB

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