The Employees Provident Fund Organization (EPFO) will begin giving full pension to six.three lakh pensioners who opted for communication on the time of retirement from May. This will present nice aid to EPFO pensioners throughout the nation.
The central authorities modified the pension guidelines of the EPFO on 20 February this 12 months. With this, full pension system was re-implemented 15 years after retirement to pensioners who opted for committing pension on the time of retirement. This determination will profit 6.three lakh pensioners who retire earlier than 26 September 2008. The authorities can be burdened with this determination by about Rs 1500 crore. <! –
Under the present guidelines of EPF, EPFO members don’t get the choice to get communication advantages.
The authorities provides the choice of commutation to pensioners in the event that they want to take part of their month-to-month pension outright on the time of retirement. Under this, an worker can get one-third of the fundamental pension he will get on the time of retirement.
The authorities deducts from its pension yearly to compensate for lump sum pension. Till this 12 months, this deduction was accomplished from pensioner's pension until the top, however now within the new system, it is going to be accomplished just for 15 years after retirement. After this, the worker can be paid his full pension.