Benefits Obtained Under Old- Age Benefits Under Section 22 and 23

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Q-4:     Describe the Benefits Obtained Under Old- Age Benefits Under Section 22 and 23.

Ans:     BENEFITS [Section 22-23]

(a)        Old Age Pension [Section 22]

Payment of pension to insured person in respect of Old-Age Pension is governed by the following rules:

(a)        An insured person shall be entitled to monthly old age pension at prescribed rate, if he is over 60 years of age (50 years in the case of a woman) and contributions in respect of him were payable for not less than 15 years. The period shall be reduced by 5 years if the insured person was employed in the occupation of mining for at least 10 years immediately preceding retirement.

(b)        If an insured person was on the 1st day of July, 1976, of is on any day thereafter on which this act becomes applicable to an industry or establishment:

(i)   Over 40 years of age> or 35 years in the case of a woman, the word * 15″ will be reduced to T’ years;

(ii)  Over 45 years of age, or 40 years in the case of a woman, the word 15! will be reduced to 5′ years;

(c)        The old age pension shall commence as from the month following The old age pension shall commence as from the month following that in which the insured person satisfies the condition for entitlement thereto, provided that no allowance shall be payable respectively for more than six months preceding the month in which an application for old age pension is submitted.

(d)        Insurable employment of a person for the purposes of this Act shall commence on the date from which the first contribution in respect of him becomes payable;

(e)        The old age pension payable to an insured person shall be terminated at the end of the month in which the death of such person occurs.

An insured person who was insured under the provisions of this Act on or before the 30th Juno 1986.. and will attain the age of 55 years (50 years in case of a woman) on or before the 30th June, 1991, and in respect of whom contributions were payable to the Institution for the period required under the provisions of this Act, shall be entitled to old age pension at the age of 55 years (55 years in the case of a woman).

An insured person already in receipt of an old age or invalidity pension or entitled to an old age pension under the provisions of the Act, shall be entitled to a minimum pension at the rate specified in the Schedule.

An insured person who retires from insurable employment before attaining the age of 60 years, (55 years in the case of a woman) but after attaining the age of 55 years (50 years in the case of a woman) shall be entitled to a reduced old age pension fulfilling the following conditions:

(i)         The institution is satisfied through documentary evidence that the employe, has a definite establishment retirement age of less than 60 years (55 years in the cause of a woman);

(ii)        The employer certified that the insured person has been retired by him on attaining the age of superannuating; and

(iii)       The contributions in respect of him were payable for the period required under the provision of this act.

 

The old age pension shall be reduced by one half per cent of the old age pension specified in the Schedule for each completed month by which the age falls short of sixty years (55 years in the case of a woman) and the minimum old age pension shall also be reduced in the aforesaid manner in the case of retirement from insurable employment before attaining the age of 60 years (55 years in the case of a woman).

The reduction in old age pension specified in the above paragraph, shall be for life and shall not be restored on the insured pension’s attaining pension age.

(b)       Old-Age Grant [Section 22A]

If an insured person, not otherwise entitled to old age pension, retires from insurable employment after attaining the age of 55 years, or 50 years in the case of a woman, and contribution in respect of him were payable to less than 15 years but not less than 5 years, he shall be entitled to an old age grant payable in lump sum equal to 50 per cent of his monthly wages for every completed years of insurable employment or part thereof in excess of 6 months.

(c)        Survivor’s Pension [Section 22b]

In the case of the death of an insured person while in insurable employment but after he had completed not less than 36 months insurable employment, the surviving spouse, if any, shall be entitled to a life pension equal to 60 per cent of the minimum pension.

In the case of the death of an insured person who had become entitled to old age pension, before his death, the surviving spouse shall, if the suppose had married the deceased person before he had attained the minimum age prescribed for old age pension, receive a life pension of 60 per cent of the pension of such person.

In the case of the death of the surviving spouse in respect of a survivor’s pension within five years after the death of the insured person, the survivor’s pension for the balance of the said five years shall be paid to estate of the deceased spouse.

In the case of the death of an insured person not survived by a spouse, the survivor’s pension shall be paid to the estate of the deceased for a period of five years.

(d)       Invalidity Pension [Section 23]

An insured person who suffers invalidity shall be entitled to get invalidity pension at a prescribed rates provided he fulfills the following conditions.

(a)        Contributions in respect of him were payable for not less than 15 years; or

(b)        Contributions in respect of him were payable for not less than five years since his entry into insurable employment and for not less than 3 years during the period of five years preceding the month in which he sustains invalidity: and

(c)        In either case he is under 60 years of age or 55 years of age in the case of a woman..

The invalidity pension shall be payable from the month following that in which the insured person satisfies the conditions for entitlement thereto.

The invalidity pension shall be payable retrospectively for more than six months preceding the month in which an application for the invalidity pension for life.

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