Employees’ Pension Scheme sees steady growth in beneficiaries, reaching nearly 7.84 million in 2023-

Employees’ Pension Scheme sees steady growth in beneficiaries, reaching nearly 7.84 million in 2023-24

The Employees’ Pension Scheme (EPS-95) continues to provide extensive social security benefits, offering protection to members and their families during old age and in case of various contingencies. The scheme offers a wide range of pension categories, ensuring financial support for those facing challenging life events.

In a written reply to the Lok Sabha, Union Minister of State for Labour & Employment, Sushri Shobha Karandlaje, shared year-wise data revealing a steady rise in the number of pensioners benefiting from the scheme. The total number of pensioners under EPS-95 was recorded as 6,682,717 in 2019-20, increasing to 6,919,823 in 2020-21. The following year, the figure rose to 7,273,898 in 2021-22, and continued to climb to 7,558,913 in 2022-23. For the current year, the total number of pensioners under the scheme stands at 7,849,338 as of 2023-24.

EPS 95, also called the Employee Pension Scheme 1995, is a type of social security scheme launched by the Employees’ Provident Fund Organisation (EPFO) on 19th November 1995.

Under EPS-95, members are entitled to receive a Member Pension upon reaching the age of 58, or an Early Member Pension starting from the age of 50. In cases of permanent and total disablement during service, a Disability Pension is provided. The scheme also supports families after the death of a member, offering Widow/Widower Pensions to surviving spouses and Children Pensions for up to two children until the age of 25.

Additionally, the scheme provides an Orphan Pension for up to two orphans at a time until they reach 25 years, if the member passes away and there is no spouse or upon the death of both the member and spouse. For those with special needs, the Disabled Children/Orphan Pension is available for the lifetime of the disabled child or orphan. The Nominee Pension ensures that a nominated person receives the pension for life, in cases where there is no family defined under EPS-95. Furthermore, a Pension to Dependent Father/Mother is available if the member dies and there is no family or nominee.

Members who exit service or reach superannuation but have not rendered the necessary service for a pension are eligible for a Withdrawal Benefit.