0 Bewertungen0% fanden dieses Dokument nützlich (0 Abstimmungen)
11 Ansichten3 Seiten
The document summarizes the Employees' Pension Scheme (EPS) of 1995 in India. Key points:
- EPS replaced prior pension schemes and provides pension benefits to members of the Employees' Provident Fund including pension on retirement, disability, and survivors' pension for dependents.
- It is funded by 8.33% of employers' contribution to the provident fund. Pension amounts are based on pensionable salary and service period. Benefits include pension on retirement or disability, commutation of up to 1/3 of pension, and survivors' pension for widows, children, and dependents.
The document summarizes the Employees' Pension Scheme (EPS) of 1995 in India. Key points:
- EPS replaced prior pension schemes and provides pension benefits to members of the Employees' Provident Fund including pension on retirement, disability, and survivors' pension for dependents.
- It is funded by 8.33% of employers' contribution to the provident fund. Pension amounts are based on pensionable salary and service period. Benefits include pension on retirement or disability, commutation of up to 1/3 of pension, and survivors' pension for widows, children, and dependents.
The document summarizes the Employees' Pension Scheme (EPS) of 1995 in India. Key points:
- EPS replaced prior pension schemes and provides pension benefits to members of the Employees' Provident Fund including pension on retirement, disability, and survivors' pension for dependents.
- It is funded by 8.33% of employers' contribution to the provident fund. Pension amounts are based on pensionable salary and service period. Benefits include pension on retirement or disability, commutation of up to 1/3 of pension, and survivors' pension for widows, children, and dependents.
- Replace Family Pension Scheme, 1971 - Every member of EPF, 1952 and EFP Scheme,1971 - All new entrants to the EPF, 1952 - Every member of EPF, 1952 but not a member of EFP Scheme, 1971 has option to become a member of EPS 1995
superannuation pension, retiring pension or permanent total disablement pension to
the employees Widow or widower's pension, children pension or orphan pension payable to the beneficiaries of such employees. - Employee is not required to contribute separately. - Only employers share of PF contribution (8.33%) is diverted to pension fund. The CG shall pay the contribution payable to the Pension Fund in respect of an employee who is a person with disability for 3 years DESIGN STRUCTURE OF THE SCHEME : A Benefit defined social insurance scheme. Designed with social security thrust following Actuarial principles. Provides for Old age and invalidation benefits to the member along with survivorship coverage to the family upon death of the member. The Employees Pension Scheme 1995; provides for following benefit package. For Member (i) Pension Payment for life on Retirement/Superannuation. (ii) Pension Payment for life on invalidation during employment. (iii) Lump sum payment to the member by way of Commutation of Pension up to one third pension amount on optional basis. (iv) Capital return on option formula basis upon cessation of members pension payment. Service for Pension: - Actual service rendered after 16th November, 1995 plus - Service for which the contribution has been made under the earlier Pension Scheme - Person entitled for pension after 58 years with minimum service of 10years. - 6 months or more shall be treated as one year - Service less than 6 months shall be ignored Pensionable Salary: - Pensionable salary will be the average monthly pay drawn for 60 months preceding the date of exit from membership of the pension fund Monthly Members Pension: Super Annuation Pension: 20 years or more service and retirement at the age of 58 years Retirement Pension: 20 years or more service and retirement before the age of 58 years Short Service Pension: 10 years or more service but less than 20 years of service For new entrant Monthly Members Pension = Pensionable Salary X Pensionable Service 70 Invalidity Pension: - In case of permanent and total disablement - During the course of employment - subject to a minimum of Rs. 250 per month Widows Pension: It is payable from the date following the date of death of the member - Equal to the monthly members pension - Up to the date of her death/ remarriage. - Subject to minimum pension of Rs. 1,000 - In cases where there are two or more widows, family pension shall be payable to the eldest surviving widow. - On her death it shall be payable to the next surviving widow, if any. - The term eldest would mean seniority with reference to the date of marriage. - Subject to minimum pension of Rs. 1,000 - In cases where there are two or more widows, family pension shall be payable to the eldest surviving widow. - On her death it shall be payable to the next surviving widow, if any. The term eldest would mean seniority with reference to the date of marriage Childrens Pension: - Pension to 2 children of deceased member - Up to the age of 25 years - In addition to widow or widowers pension - @ 25% of widow/widowers pension. - Minimum Rs. 250 per month for each child Orphan Pension: - Two orphan children - Up to the age of 25 years - Equal to 75% of widow/widowers pension for each child - Minimum Rs. 750 per month for each child Disable Son/ Daughter: - Permanently and totally disabled son and daughter - Children/ Orphan Pension - Irrespective of age and number of children - In addition to the monthly childrens pension Nominee Pension: - In case of unmarried members - Person nominated by member - Equal to Widows pension No nomination: - Amount of widow pension - To the dependant father or mother - After the death of father to mother Commutation of pension - Member can opt for commutation from 3 rd year of completion of this scheme. - Maximum up to 1/3 of pension to receive 100 times of monthly pension - E.g. Pension Rs. 600 Commuted Value = 1/3 X 600 X 100 = Rs. 20,000 - Balance on monthly basis - Maximum pensionable salary Rs. 15,000 per month Employees Deposit Linked Insurance Scheme, 1976: - EDLI Scheme was notified with effect from 1st August, 1976 - Applicable to all the members of the EPF Scheme - Except an exemption has been obtained for EDLI, in favour of LIC policy - Employer is required to contribute @ 0.5% of the wages - Benefits are payable to the person who is entitled to receive the PF of the deceased member - assurance benefit means a payment linked to the average balance in the Provident Fund Account of an employee, payable to a person belonging to his family or otherwise entitled to it in the event of death of the employee while being a member of the Fund
NATURE and IMPORTANCE of TRAINING NEEDS ANALYSIS Training Needs Analysis Is The Breakdown of An Identified Need To Determine Its Bases and Causes As Well As The Relationship Among Identified Needs