The Employees Pension Scheme (EPS) has been designed not only to provide pension after retirement but also to provide financial security to the family members of the EPF subscriber. The scheme includes provisions for spouse, children, nominee and even dependent parents, subject to certain conditions. Let us give you detailed information about five important benefits to the family under the EPS scheme…
widow pension
If an EPS member dies, the surviving spouse is entitled to receive a monthly widow or widower pension. It is given after the death of the eligible EPS member. It is available when the deceased spouse worked in an organization covered under EPF and died while in service or had contributed to EPF for at least one month. It continues to be available till the death of the spouse or remarriage (whichever is applicable). If there is more than one eligible widow, the pension is given to the oldest widow first.
children’s pension
Apart from the widow pension, the children of the deceased EPS member will also get monthly pension. This is available to a maximum of two eligible children at a time. It is given till the child turns 25 years old. Children with permanent disability can get pension even after the age limit as per the terms of the scheme.
orphan pension
If there is no surviving spouse, eligible children can receive monthly orphan pension. This pension is available to a maximum of two eligible children at a time. It is given till the child turns 25 years old.
nominee pension
Nominee pension is available in limited circumstances when the deceased member had no eligible spouse or child. This primarily applies to unmarried members or members without qualifying families. Correct nomination is necessary to avail this benefit. If the member subsequently forms an eligible family, the previous nomination under the scheme becomes invalid.
Dependent parents’ pension
The EPS scheme also provides assistance to dependent parents. It ensures financial assistance to dependent parents when there is no other eligible beneficiary in the family. This is available only if there is no eligible spouse, child or proper nominee. As per the provisions of the scheme, pension is given first to the dependent father and then to the dependent mother.
