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Employees’ Pension Scheme
Under Section 6A, Government has introduced a new pension scheme scheme Employees’ Pension Scheme, 1995 w.e.f. 16.11.1995, in place of Family Pension Scheme, 1971.
The Employees’ Pension Scheme is compulsory for all the persons who were members of the Family Pension Scheme, 1971.
It is also compulsory for the persons who become members of the Provident Fund from 16.11.1995 i.e. the date of introduction of the Scheme.
The PF subscribers who were not members of the Family Pension Scheme, have an option to join this Pension Scheme.
The Scheme came into operation w.e.f. 16.11.1995, but the employees, including those covered under the Voluntary Retirement Scheme have an option to join the scheme w.e.f. 1.4.1993.
Minimum 10 years continious service is required for entitlement to pension.
Normal superannuation pension is payable on attaining the age of 58 years.
Pension on a discounted rate is also payable on attaining the age of 50 years.
Where pensionable service is less than 10 years, the member has an option to remain covered for pensionary benefits till 58 years of age or claim return of contribution/ withdrawal benefits.
The Scheme provides for payment of monthly pension in the following contingencies
(a) Superannuation on attaining the age of 58 years;
(b) Retirement;
(c) Permanent total disablement;
(d) Death during service;
(e) Death after retirement/ superannuation/permanent total disablement;
(f) Children Pension; and
(g) Orphan pension.
The amount of monthly pension will vary from member to member depending upon his pensionable salary and pensionable service.
Employees’ Deposit-Linked Insurance Scheme
The Act was amended in 1976 and a new Section 6C was inserted empowering the Central Government to frame a Scheme to be called the Employees’ Deposit-Linked Insurance Scheme for the purpose of providing life insurance benefit to the employees of any establishment or class of establishments to which the Act applies.
The Central Government has accordingly framed the Employees’ Deposits-Linked Insurance Scheme, 1976.
It came into force on the 1st August, 1976.
Application of the Scheme:
The Employees Deposit-Linked Insurance Scheme, 1976 is applicable to all factories/establishments to which the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 applies.
All the employees who are members of the Provident Funds in both the exempted and the unexempted establishments are covered under the scheme.
Contributions to the Insurance Fund:
The employees are not required to contribute to the Insurance Fund. The employers are required to pay contributions to the Insurance Fund at the rate of 1% of the total emoluments, i.e., basic wages, dearness allowance including, cash value of any food concession and retaining allowance, if any.
Administrative expenses:
The employers of all covered establishments are required to pay charges to the Insurance Fund.
Nomination:
The nomination made by a member under the Employee Provident Fund Scheme 1952 or in the exempted provident fund is treated as nomination under this scheme. Provisions of Section 5 have overriding effect and will override the personal laws of the subscriber in the matters of nominations.
Payment of assurance benefit:
In case of death of a member, an amount equal to the average balance in the account of the deceased during the preceding 12 months or period of membership, whichever is less shall be paid to the persons eligible to receive the amount or the Provident Fund accumulations.
Exemption from the Scheme: Factories/establishments, which have an Insurance Scheme conferring more benefits than those provided under the statutory Scheme, may be granted exemption, subject to certain conditions, if majority of the employees are in favour of such exemption..
By: Vikas Goyal ProfileResourcesReport error
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