• Breaking News

    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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