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State
Pension Scheme (EPS 95)
- Started
from Nov. 1995 for future service .
-
Accrual 1.43% per year of service.
-
Final Salary Scheme. ·
-
Monetary ceiling of Rs. 6500 pay.
-
Contribution 8.33% of Salary by Employer.
Banking
Sector Pension Started in 1993.
- Accrual
1.51% per year of service.
-
5 years additive credit for 20 years of service.
-
Index Linked Pension.
-
In lieu of Employer's Contribution to PF, any shortfall further is
the Liability of the Bank .
Central
Government Pension ·
- Benefits
are same as Banking Sector Schemes.
Public
Sector Corporation. ·
- Employees
are Contributors. ·
-
Final Salary Schemes.
-
Varying Benefits.
-
Employer pays management cost.
-
Financed by surrender of other benefits.
Private
Sector Schemes.
- Return
of accumulated contribution.
-
Offered to Executives only.
Schemes
offered by LIC.
- All
schemes except the Banking Scheme has to buy annuity from LIC for
pension.
- ·
Contribution Defined Schemes.
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