EPFO has allowed the employees retiring in less than six months to withdraw deposits under the Employees’ Pension Scheme 1995 (EPS-95).
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At present, the Employees’ Provident Fund Fund (EPFO) allows subscribers to withdraw deposits from the Employees’ Provident Fund account only if there is less than six months of service left.
In the 232nd meeting of the Central Board of Trustees (CBT), the apex body of EPFO, on Monday, it was recommended to the government that by making some amendments in the EPS-95 scheme, the subscribers who are nearing retirement should be allowed to withdraw the amount deposited in the pension fund.
What happened –
According to the statement of the Ministry of Labor, the CBT has recommended to the government that members with less than six months of service should be given the facility of withdrawal from their EPS account. Apart from this, the Board of Trustees has also recommended proportionate pension benefits to the members who have been part of the scheme for more than 34 years.
This facility will help the pensioners to get more pension at the time of determination of retirement benefits. Apart from this, the 69th Annual Report on the functioning of the EPFO for the financial year 2021-22 was also approved, which will be presented in the Parliament.
Relief to EPFO subscribers-
In order to provide relief to the working people, the Employees’ Provident Fund Organization (EPFO) on October 31 decided to allow withdrawal of deposits in the Employees’ Pension Scheme 1995 (EPS-95) for those customers who have only less than six months. remaining service.
The Central Board of Trustees (CBT) of the retirement fund body, chaired by Union Labor Minister Bhupendra Yadav, in its 232nd meeting, recommended certain amendments in the EPS-95 scheme to the government, a Labor Ministry statement said. This will help the pensioners to get a good amount as pension at the time of determination of retirement benefits.
Investing in Exchange Traded Fund-
The board has also recommended Equitable Value Transfer calculation in cases of exemption or cancellation of exemption from EPS-95. Apart from this, the policy has also been approved for its investment in Exchange Traded Fund (ETF) units.
The Board also approved the inclusion of ETF units purchased during the calendar year 2018 period for capital gains to be included in income for computing the interest rate for 2022-23.
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