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Employees Pension Scheme

      Government had constituted an Expert Committee to review Employees’ Pension Scheme (EPS), 1995 which inter alia recommended providing minimum pension of Rs. 1000/- per month to the pensioners under EPS, 1995 and enhancing wage ceiling for coverage under the Employees’ Provident Funds & Miscellaneous Provisions (EPF & MP), Act, 1952 from  Rs. 6,500/-  per month to  Rs. 10,000/- per month. The Government has since implemented minimum pension of Rs. 1000/- per month to the member/disabled/widow/widower/ parent/nominee pensioners and Rs. 250/- per month for children pensioners and Rs. 750/- per month to orphan pensioners and increased wage ceiling for coverage under EPF&MP Act, 1952 from Rs.6,500 to Rs.15,000/.

The Employees’ Pension Scheme (EPS), 1995 has been calibrated time to time to make it robust.  Moreover, Government has recently made the following amendments to the EPS, 1995:



•         Wage ceiling for contributions to EPS, 1995 has been enhanced from Rs.6,500 to 15,000/- per month.

•         Determination of pension based on average of 60 months’ salary prior to exit instead of 12 months’ salary earlier.

•         Option for contributing on salary exceeding the wage ceiling has been deleted.

•         Those members who were contributing on salary exceeding the wage ceiling are required to prefer fresh option and contribute 1.16 per cent of wages exceeding wage ceiling in lieu of the Government’s contribution.

•         Pension and withdrawal benefits under EPS, 1995 to be determined on pro-rata basis for service at wage ceiling of Rs. 6,500/-  per month upto 31.08.2014 and Rs. 15,000/- per month thereafter.

•         Eligibility under EPS, 1995 is determined on the basis of contributory service instead of overall period of service.

•         Widow Pension Table (Table C) under EPS, 1995 has been extended upto revised wage ceiling of Rs. 15,000/- per month.


The total number of pensioners under EPS, 1995 are 51,04,397 (Provisional) as on 31.3.2015.

The list of Nationalised Banks in which provision has been made for the retired employees drawing pension under Employees’ Provident Fund Organisation (EPFO) is -

List of Pension Disbursing Agencies under Employees’ Pension Scheme (EPS), 1995

S.No.
EPFO Regional Office
Pension Disbursing Banks
1
Delhi (North)
PNB, SBI, IB, UBI,  HDFC, ICICI, AXIS
2
Delhi (South)
PNB, SBI, IB, UBI,  HDFC, ICICI, AXIS
3
Dehradun
PNB, SBI
4
Gurgaon
PNB, SBI, HDFC, ICICI, AXIS
5
Faridabad
PNB, SBI, HDFC, ICICI, AXIS
6
Jaipur
PNB, Thar Gramin Bank, HDFC, ICICI, AXIS, SBBJ
7
Shimla
PNB, SBI, AXIS
8
Ludhiana
PNB, SBI, HDFC, AXIS
9
Chandigarh
PNB, SBI, HDFC, AXIS, ICICI
10
Bihar
PNB, BOI, HDFC
11
Meerut
PNB, SBI
12
Kanpur
PNB, SBI, HDFC, ICICI, AXIS
13
Hyderabad
SBI, UBI, AB, HDFC, AXIS, ICICI
14
Guntur
SBI, AB, HDFC, AXIS, ICICI
15
Nizamabad
SBI, SY. BANK, Gramin BANK, UBI, AB, AXIS
16
Bhuvneshwer
SBI, BOI, UCO Bank, HDFC, AXIS, ICICI
17
Bangalore
SBI, CANARA, SY. BANK, CORP. BANK, VIJAYA BANK, HDFC, AXIS, ICICI
18
Goa
SBI, BOI, HDFC
19
Gulbarga
SBI, CANARA, SY. BANK, ICICI,CORP. BANK
20
Mangalore
SBI, CANARA, SY. BANK, CORP. BANK, VIJAYA BANK, AXIS
21
Peenya
SBI, CANARA BANK, SY. BANK, CORP. BANK, HDFC, AXIS, ICICI
22
Coimbatore
SBI, IB, IOB, HDFC, AXIS, ICICI
23
Kerala
PNB, SBI, IB, IOB, CANARA, SY. BANK, FED.BANK, HDFC, AXIS, ICICI, North Malabar Gramin Bank, SBT
24
Madurai
SBI, IB, IOB, HDFC, AXIS, ICICI
25
Tambram
SBI, IB, IOB, HDFC, AXIS, ICICI
26
Chennai
SBI, IB, IOB, HDFC, AXIS, ICICI
27
Ranchi
PNB, BOI, UBI, HDFC, AXIS, ICICI
28
Jalpaiguri
SBI, UBI, UCO, CBI, UBKG BANK
29
Kolkata
PNB, UBI, HDFC, AXIS,ICICI
30
Guwahati
SBI, HDFC, AXIS, ICICI
31
Raipur
PNB, SBI, HDFC, AXIS, ICICI, CBI,
32
Bandra
PNB, SBI, BOI, HDFC, AXIS, ICICI, BOM, IB
33
Thane
PNB, SBI, BOI, HDFC, AXIS, ICICI
34
Kandivali
PNB, SBI, BOI, HDFC, AXIS,ICICI
35
Pune
PNB, SBI, BOI, HDFC, AXIS, ICICI, BOM
36
Nagpur
PNB, SBI, BOI, HDFC, AXIS, ICICI
37
Ahemdabad
SBI, DENA, HDFC
38
Surat
SBI, DENA, HDFC, AXIS, ICICI
39
Vadodara
SBI, DENA, HDFC
40
Indore
PNB, SBI, HDFC, AXIS, ICICI



This was stated by Shri Bandaru Dattatreya, the Minister of State(IC) for Labour  and Employment in response to a written question in Lok  Sabha  today

Source:http://www.pib.nic.in/newsite/erelease.aspx?relid=0

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