None
Skip to mainProviding 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 The provision for commutation of pension was withdrawn by the EPFO in 2009.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
🕑 18 Mar, 2024 01:16 PM
Changes in Reimbursement of Children Education Allowance as per NEP 2020
🕑 18 Mar, 2024 01:13 PM
Holiday declare for 14th April, 2024 – Birthday of Dr. B.R. Ambedkar
🕑 18 Mar, 2024 01:04 PM
Revised Flexible Complementing Scheme for Scientists
🕑 15 Mar, 2024 09:33 AM
Dearness Relief to Central Government pensioners from January 2024
🕑 14 Mar, 2024 09:14 AM
Interest rates for Small Savings for 1st Quarter of FY 2024-25 unchanged
🕑 12 Mar, 2024 03:22 PM
FinMin issues order on DA revision effective from January 1, 2024
🕑 12 Mar, 2024 03:04 PM
Bank Wage Revision:12th Bipartite Settlement & 9th Joint Note Signed
🕑 08 Mar, 2024 10:15 AM
DA Jumps to 50%! Central Govt Employees Get a Raise Just in Time
🕑 08 Mar, 2024 09:40 AM
Promotion via LDCE in case of pending prosecution
🕑 08 Mar, 2024 09:19 AM
Promotion via LDCE in case of pending prosecution
🕑 14 Mar, 2024 02:07 PM
Govt bans 18 vulgar 18 OTT. See the list here
🕑 08 Mar, 2024 01:49 PM
Pension Scheme Gains Traction Across States, Despite Central Hurdles
🕑 20 Feb, 2024 11:17 PM
CGHS rate for general surgery applicable from February 1, 2024
🕑 08 Feb, 2024 10:19 AM
No loan interst change as RBI maintains repo rate at 6.50% for the 6th time
🕑 07 Feb, 2024 08:28 PM
The Evolving Role of Pay Commissions in India: Mandatory or Myth?
🕑 05 Feb, 2024 03:50 PM
How much you take home increase after DA hike?
🕑 03 Feb, 2024 07:59 PM
Guaranteed Benefits in NPS: Election Gambit or Endgame for Retirees?
🕑 03 Feb, 2024 07:46 PM
Budget 2024. Benefit up to ₹ 25000. One in eight taxpayers to benefit