Pensioners under the Employees' Pension Scheme 1995 (EPS-95) started a protest in 200 cities, including the national capital, from Wednesday to press for a higher pension of Rs 7,500 per month along with dearness allowance (DA) and medical facility to self and spouses. A delegation of the beneficiaries met Prime Minister Narendra Modi in the past and their protest is continuing since 2018 in Buldhana in Maharashtra, according to a Press Trust of India (PTI) report.

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National Action Committee convenor Ashok Raut said in a statement, "Our struggle is for justice to the beneficiaries of EPS-95 and it is continuing for the past seven years. Under the leadership of BJP MP Hema Malini, we met the Prime Minister twice and he had given assurance, but still, the matter is lingering".

What is the EPS-95 scheme and what are the current provisions?

EPS was introduced in the year 1995 to help employees in the organised sector. It provides pension benefits to employees after their retirement, with a minimum pension of between Rs 1,000 to Rs 2,000 per month and other facilities.

All employees who are eligible for the EPF scheme are also eligible for EPS. The benefits can be availed only if the employee has been in service for at least 10 years. The scheme’s benefits are available to existing and new EPF members.

Who makes the contribution and how much?

The employer and employee contribute 12 percent of the employee's basic salary and DA towards the Employees' Provident Fund (EPF) scheme. The 12 percent contribution made by the employer is split into two parts:

EPF Contribution: 3.67 percent

EPS Contribution: 8.33 percent

Employees are not eligible to contribute to the scheme.

What's the withdrawal rule?

Subscribers can receive a pension once they have completed 10 years of service. Notably, individuals must attain the age of 50 or 58 years to withdraw the pension amount. If individuals withdraw the pension amount when they attain the age of 50 years, they will receive a lesser EPS amount.

Deadline for opting for higher pension for select employees

All eligible pensioners under the EPS-95 who retired before September 2014 can apply to opt for a higher pension by May 3 this year. The Supreme Court had earlier held that the employees who have retired before September 1, 2014, and exercised the option under paragraph 11 (3) prior to their retirement shall be eligible for pension on higher wages.