Types of Pensions:
There are following types of pension under the EPS-
Widow pension or vridha pension is applicable to the widow of the member eligible for a pension. The pension amount will be payable until the death of the widow or her remarriage. In case of more than one widow, the pension amount will be payable to the eldest widow.
The minimum pension amount has been increased to ₹ 1000 as of now. As per the pensionable salary of ₹ 6,500 for member pensioners, the widow pension amount is calculated according to the table illustrated below. Note that the monthly pensionable salary has been increased to Rs 15,000 and hence a higher pension may be available :
|Monthly Pensionable Salary for Widow Pension ( ₹ )
||Monthly Widow Pension ( ₹ )
In case of death of the member, monthly children pension is applicable for the surviving children in the family in addition to the monthly widow pension. The monthly pension will be paid till the child attains the age of 25 years. The amount payable is 25% of the widow pension and can be paid to a maximum of two children.
In case the member dies and has no surviving widow, his children will be entitled to get the monthly orphan pension of 75% of the value of monthly widow pension. The benefit will be applicable for two surviving children from oldest to youngest.
A member of the EPFO can withdraw an early pension if he has completed 10 years of service and has reached the age of 50 years but is less than 58 years. In this case, the pension amount is slashed at a rate of 4% for every year the age is less than 58 years.
In case the member decides to withdraw the monthly reduced pension at the age of 56 years, he will get the pension at a rate of 92% (100% – 2 x4) of the original pension amount.