Big relief to the retiring employees, the government changed these rules

The Retirement Body Fund has allowed its employees retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (EPS-95) EPS-95.

The Employees’ Provident Fund Organization (EPFO) has made a major change in the pension scheme, which is going to give relief to crores of employees. Actually, the Retirement Body Fund has given its employees pension scheme (Employee Pension Scheme) to their employees retiring in less than 6 months.Employee’s Pension Scheme 1995) Allowed to withdraw deposits under EPS-95. Earlier, there was a rule to withdraw pension only after the completion of 6 months. In a statement from the Ministry of Labor, it was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes giving the facility of withdrawal from their EPS account to the members with less than six months of service period. There are more than 65 million EPFO ​​subscribers across the country.

Union Labor Minister Bhupendra Yadav said in the meeting on Tuesday that the coverage of retirement fund body EPFO ​​will be increased from the current level of 6.5 crore to 10 crore subscribers. The scope of EPFO ​​social security schemes will be expanded. It will be increased from 6.5 crore to 10 crore customers. Along with this, he also launched the EPFO ​​Vision 2047 document. The biggest responsibility of EPFO ​​is to reduce your litigation and increase coverage. We have included 29 labor laws in four comprehensive codes. These codes provide for extension of social security schemes including EPFO.

Along with this, the Board of Trustees has also recommended proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit. It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the Retirement Body Fund, now those employees will get a big relief, whose total service of only 6 months is left.

Meeting chaired by Bhupendra Yadav

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring employees should be allowed to withdraw the amount deposited in the pension fund. A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

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This policy has also been approved

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23. Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

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