23 Aug, 2019 8:39a.m.

EPFO restores full pension after 15 yeas for pension commutation

Providing relief to 6.3 lakh pensioners, retirement fund body Employees’ Provident Fund Organisation (EPFO) has approved a proposal to restore commutation of pension, or advance part-withdrawal, under the Employees’ Pension Scheme.

In a major decision, the (EPFO's apex decision-making body) Central Board of Trustees (CBT) in a meeting held at Hyderabad on August 21, 2019, approved proposal to recommend for amendment in EPS-95 for restoration of commuted value of pension to pensioners after 15 years of drawing commutation, which will benefit about 6.3 lakh pensioners

The move would benefit the pensioners who had opted for commutation and got a lump sum amount at the time of retirement before 2009. The provision for commutation of pension was withdrawn by the EPFO in 2009.

Under the commutation, monthly pension used to be cut by one-third for the next 15 years and the reduced amount would be given in lump sum. After the 15 years, the pensioners were entitled to get the full pension. 

"In a major decision, the (EPFO's apex decision-making body) Central Board of Trustees (CBT) in a meeting held at Hyderabad on August 21, 2019, approved proposal to recommend for amendment in EPS-95 for the restoration of commuted value of the pension to pensioners after 15 years of drawing commutation, which

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