The Scheme provides various benefits depending on the circumstances under which the employee/member leaves employment. The circumstances include:
Retirement on Medical grounds
A member who is retired from employment owing to poor health is entitled to a pension for the rest of his/her life, an optional cash lump sum payment.
Death in Service
If a member dies while in service, his beneficiaries (spouse and a maximum of 4 children) are entitled to a pension and a lump sum payment. The spouse's pension is paid for the rest of his/her life while children earn their pension up to the age of 18 years or 23 years if still in school/college.
A member who is aged above 50 years but below 60 if granted approval by the employer to retire (early retirement) he/she is entitled to pension for the rest of his life, an optional cash lump sum payment.
A member, who retires on attainment of 60 years of age, is entitled to a lump sum payment and a monthly pension for the rest of his/her life. The pension is guaranteed for the first 5 years (60 months).
Withdrawal (Resignation, termination, dismissal etc.)
A member who leaves the company under any of the above forms of separation is entitled to a refund of his/her own contribution and 50% of employer contributions with a deferred pension payable upon attainment of normal retirement age. However,
- If a member, after resignation, joins another scheme that is registered, his and employers contributions can be transferred to his new scheme.
- If a member resigns and is to migrate out of the country, he/she is entitled to payment of both his/her and employer's contributions.
Death in Retirement
If a member dies in his retirement, his spouse and children below the age of 18 years (or 23 years if still in school) are entitled to a monthly pension. The spouse's pension is paid for the rest of his/her life. They will also receive balance of the guaranteed pension that had been entitled to the retired member.