Now Orphan children’s will also be benefits under EPS Scheme 1995. In this tuff time of the pandemic, there were many cases where the whole family was diseased due to Covid. Many people lost their lives and in many cases, children were left out alone. EPFO has issued a circular where they have stated that now Orphan children’s will also receive benefits under EPS Scheme 1995 and will receive financial help.
Let’s talk about the benefits that Orphans are getting under EPS Scheme 95
Benefits to Orphans under EPS 95 Scheme
- The amount of pension is 75 percent of monthly widow pension, with a minimum of Rs. 750 per month, each for two orphans at a time.
- Till 25 years of age, the pension will be paid to the orphan children’s.
- If the person is suffering from any disability, then in that case pension will be paid lifelong.
Points to Remember for EPS Scheme 95
- Company do not deduct any amount for EPS from employee basic salary. Some part of company contribution is deposit in EPS.
- Under the new rule if the employee’s basic salary is up to 15000 then they can take benefit of this facility.
- According to the new rule, 8.33% of the salary is deposit in EPS. On having a basic salary of 15000 the company deposits Rs.1250 in EPS. It means if the salary is more than 15000 in that case also the company will contribute 1250 in EPS.
- Pensioners need to submit a Life certificate every year. Earlier pensioners need to visit the bank for the same, but now they can submit their life certificates online, and now pensioners can also submit life certificates through video calls. Due to this, there will be no obstacle in getting a pension.