Advance Pension
Here is good news from Modi government from EPFO
The Labour Ministry shall enforce the EPFO's decision to restore pension commutation, or advance part-withdrawal, under the Employees' Pension Scheme (EPS) from January 1, 2020.
PTI news agency quoting a source says reports that the labour ministry would issue a notification on January 1, 2020, to implement the Employees' Provident Fund Organisation (EPFO) decision to restore commutation, or advance part-withdrawal, under the Employees' Pension Scheme.
It is essential to note here that these 630,000 retired people had picked compensation of their annuity. Besides, these beneficiaries got a singular amount sum at the hour of retirement from their benefits aggregations or reserve before 2009. The arrangement for substitution of annuity was pulled back by the EPFO in 2009.
What is pension commutation or advance part-withdrawal?
What is pension commutation or advance part-withdrawal?
Under the Pension commutation or advance part-withdrawal, monthly pension used to be cut by one-third for the next 15 years and the reduced amount was given in lump sum. After the 15 years, pensioners were entitled to get the full pension.
EPFO recommendation?
An EPFO panel had recommended for amendment in EPS-95 (Employees' Pension Scheme 19995) for restoration of commuted value of pension to pensioners after 15 years of drawing commutation.
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