Pension Rules: Employees working in private companies are always worried about their pensions. Because private employees don’t receive the same substantial pensions that government employees receive after retirement. But now, news has emerged that employees working in private companies will receive a minimum pension of Rs 7,500. Currently, it’s Rs 1,000. However, discussions are rife about increasing this amount. Tje questionhas raised questions about how those working in the film and TV industries remain financially secure after their careers.
Do people working in the film industry get pension?
Employees of film and television organizations, subject to the EPF Act, 1952, are eligible for social security benefits under EPF, EPS, and EDLI, provided they are covered employees and regular contributions are deducted. Pension under EPS-1995 is eligible only if the employer-employee relationship, salary threshold, and minimum service/contribution requirements are met.
Film production units have specific rules for cine workers. Such requirements may include working on three consecutive feature films. However, this pension does not automatically apply to freelancers, gig-based workers, or daily wage workers. Government pensions are only for government employees.
What are the options to get financial security?
It’s important for those working in the industry to be cautious about their future. They can join various schemes by subscribing and making prescribed contributions. Many schemes also offer additional emergency coverage. Furthermore, some schemes also extend benefits to dependents or family members. Freelancers and self-employed artists can build a retirement fund through the National Pension System.