The Employees' Pension Scheme (EPS) serves dual purposes by providing retirement benefits and comprehensive family protection. According to reports from Mint, the scheme extends beyond individual retirement planning to offer financial security to an EPF subscriber's family members through various pension provisions. The scheme includes provisions for spouses, children, nominees, and dependent parents, subject to specified conditions.
The most significant family benefit is the widow pension available to surviving spouses of deceased EPS members. As reported by Mint, this pension is paid after the death of an eligible EPS member who worked in an EPF-covered organisation and died while in service or had contributed to EPF for at least one month. The pension continues until the spouse's death or remarriage, with priority given to the eldest eligible widow if multiple spouses exist. The scheme also provides widower pension for male spouses under similar conditions.
The scheme includes comprehensive provisions for dependent children through child pension and orphan pension benefits. According to Mint, child pension is available for up to two eligible children at a time and is payable until the child turns 25 years of age. Children with permanent disabilities may continue receiving the pension beyond the age limit. Orphan pension becomes available when there is no surviving spouse, providing monthly support to eligible children until they reach 25 years of age.
The scheme addresses special situations through nominee pension and dependent parent pension provisions. As reported by Mint, nominee pension is available mainly to unmarried members or members without eligible family, requiring a valid nomination. If the member later acquires an eligible family, the earlier nomination becomes invalid. The dependent parent pension ensures financial support for dependent parents when no other eligible family beneficiary exists, with priority given to dependent fathers followed by dependent mothers.
