The Employees’ Pension Scheme (EPS-95) is designed to provide social security and financial stability to employees and their families during retirement and in cases of disability or death.
This scheme, administered by the Employees’ Provident Fund Organization (EPFO), ensures that members receive lifelong pension benefits, along with provisions for their dependents.
It plays a crucial role in safeguarding the interests of workers by offering different categories of pensions based on specific conditions.
Types of Pension Benefits
EPS-95 covers a wide range of pension benefits to address various life situations:
- Member Pension: Provided upon attaining the superannuation age of 58 years.
- Early Member Pension: Available from the age of 50 years, subject to applicable deductions.
- Disability Pension: Granted in cases of permanent and total disablement during the service period.
- Widow/Widower Pension: Offered to the spouse upon the death of the member or pensioner.
- Children Pension: Paid to up to two children at a time until they reach 25 years of age in the event of the member’s death.
- Orphan Pension: Provided to two orphans up to the age of 25 if there is no surviving spouse.
- Disabled Children/Orphan Pension: Given for the lifetime of a disabled child or orphan.
- Nominee Pension: Paid for life to a nominated individual if the deceased member has no family.
- Pension to Dependent Parents: Available if the deceased member has no surviving family or nominee.
- Withdrawal Benefit: Provided upon exit from service or superannuation if the member has not completed the required years of pensionable service.
Growth in Pension Beneficiaries
The number of pensioners benefiting from EPS-95 has steadily increased over the years, reflecting its expanding reach and impact. Below are the year-wise statistics of pensioners under the scheme:
| Year | Total Pensioners Under EPS-95 |
|---|---|
| 2019-20 | 6,682,717 |
| 2020-21 | 6,919,823 |
| 2021-22 | 7,273,898 |
| 2022-23 | 7,558,913 |
| 2023-24 | 7,849,338 |
Government’s Commitment to EPS-95
The Employees’ Pension Scheme remains a vital pillar of social security for retired employees and their families.
The government continues to strengthen the scheme by ensuring timely disbursement of benefits and expanding coverage.
The steady rise in pension beneficiaries underscores the effectiveness of EPS-95 in providing financial security to millions of workers across India.
This information was provided by Union Minister of State for Labour & Employment, Sushri Shobha Karandlaje, in a written reply to the Lok Sabha.
Note: We are also on WhatsApp, LinkedIn, Google News, and YouTube, to get the latest news updates, Subscribe to our Channels. WhatsApp– Click Here, Google News– Click Here, YouTube – Click Here, and LinkedIn– Click Here.
