22. Old-Age Pension: (1) An insured person shall be entitled to a monthly old-age pension at the rate specified in the Schedule'

Provided that-

(a) he is over sixty years of age. or fifty-five years in the case of a woman; and

(b) contributions in respect of him were payable for not less than fifteen years:

Provided further that the age specified in clause (a) will be reduced by five years in the case of an insured person employed in the occupation of mining for at least ten years immediately preceding retirement.

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

(i) over forty years of age, or thirty-five years in the case of a woman, clause (b) of sub-section (1) shall have effect as if for the word "fifteen" therein the word "seven" were substituted; or

(ii) over forty-five years of age, or forty years in the case of a woman, clause (b) of sub-section (1) shall have effect as if for the word "fifteen" therein the word "five" were substituted.

(2-A) Notwithstanding anything contained in sub-section (1), an insured person-

(a) who was insured under the provisions of this Act on or before the 30th June, 1986, and will attain the age fifty-five years (fifty years in the case of a woman) on or before the 30th June, 1991, and

(b) 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 fifty-five years (fifty years in the case of a woman).

(2-B) An insured person already in receipt of an old-age or invalidity pension, or entitled to an old-age pension under the provisions of sub-section (2-A), shall be retitled to a minimum pension at the rate specified in the Schedule.

(2-C) An insured person who retires from insurable employment before attaining the age of sixty years (fifty-five years in the case of a woman) but after attaining the age of fifty-five years (fifty years in the case of a woman) shall be entitled to a reduced old-age pension on fulfilling the following conditions, namely:--

(a) the Institution is satisfied through documentary evidence that the employer has a definite established retirement age of less than sixty years (fifty-five years in the case of a woman);

(b) the employer certifies that the insured person has been retired by him on attaining the age of superannuation; and

(c) the contributions in respect of him were payable for the period required under the provisions of this Act.

(2-D) 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 (fifty-five 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 sixty years (fifty-five years in the case of a woman).

(2-E) The reduction in old-age pension specified in sub-section (2-D) shall be for life and shall not be restored on the insured person's attaining the normal pension age.

(3) Subject to regulations, 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 benefit shall be payable retroactively for more than six months preceding the month in which an application for old-age pension is submitted.

(4) 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.

(5) 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.

(6) Omitted by the Finance Act, I of 1986, S. 11.

22-A. Old-age grant: If an Insured person, not otherwise entitled to old-age pension, retires from insurable employment after attaining the age of sixty years, or fifty-five years in the case of a woman and a mine worker, and contributions in respect of him were payable for less than fifteen years, but not less than two years, he shall be entitled to an old-age grant payable in a lump-sum equal to his one month's average monthly wages for every completed year of insurable employment or part thereof in excess of six months.

22-B. Survivor's pension: (1) In the case of the death of an insured person while in insurable employment but after he had completed not less than thirty-six months' insurable employment, the surviving spouse, if any, shall be entitled to a life pension equal to [...] of the minimum pension.

(1-A) In the case of the death of an insured person whale not in insurable employment but after he had completed five years' insurable employment, the surviving spouse, if any shall be entitled to life pension equal to the minimum pension.

(2) In the case of the death of an insured person who had become entitled to or invalidity pension before his death, the surviving spouse shall, if the spouse had married the deceased person before he had attained the minimum age prescribed for old-age pension, receive a life pension of equal to of the pension of such person.

(3) In the case of death of the surviving spouse in receipt of survivor's pension, the minor children of the deceased insured person, if any, shall be entitled to the survivors' pension in the following equal shares, namely:--

(i) in case of a male child, until he attains eighteen years of age; and

(ii) in case of a female child, until she attains eighteen years of age or until marriage, whichever is earlier.

(3-A) In the case of cessation of survivor's pension of any of the children of the deceased insured person on his attaining the age of eighteen years or marriage in case of female, or death, as the case may be, the share of survivor's pension received by such child shall be distributed equally among the rest of the minor children of the deceased insured person.

(3-B) In the case of death of the surviving spouse in receipt of a survivor's pension within five years after the death of the insured person and not survived by any minor child of the deceased insured person, the survivor's pension shall be paid to the surviving parents of the deceased insured person, if any, for a period of five years from the death of the said spouse.

(4) In the case of death of an insured person who is not survived by a spouse, the survivor's pension shall be paid to the minor children of the deceased insured person referred to in sub-section (3) and sub-section (3-A) and in the case of the insured person not surviving by any minor child, the survivors' pension shall be paid to the surviving parents of the deceased insured person, if any, for a period of five years from the death of the Insured person.

23. invalidity pension: (1) An insured person who sustains invalidity shall be entitled to an invalidity pension at. the rate to be calculated according to the formula set out in he Schedule:

Provided that--

(a) contributions in respect of him were payable for not less than fifteen 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 three years during the period of five years preceding the month in which he sustains invalidity; and

(c) in either case, he is under sixty years of age or fifty-five years in the case of a woman.

(2) Subject to regulations, the invalidity pension shall be payable from the month following that in which the insured person satisfies the conditions for entitlement thereto:

Provided that the invalidity pension shall not be payable retroactively for more than six months preceding the month in which an application for the invalidity pension is submitted.

(3) The invalidity pension shall be payable so long as invalidity continues:

Provided that an insured person who has been in respect of the invalidity pension for not less than five continuous years or attains the age specified in clause (a) of sub-section (1) of Section 22 shall be entitled to the invalidity pension for life.