Retirement Fund Body: The retirement fund body EPFO has allowed its subscribers who retire in less than six months to withdraw deposits under the Employees’ Pension Scheme 1995 (EPS-95). At present, Employees’ Provident Fund Fund (EPFO) customers are allowed to withdraw the amount deposited in their Employees’ Provident Fund account only if the service is less than six months.
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In the 232nd meeting of the Central Board of Trustees (CBT), the apex body of the EPFO, it was recommended to the government to make some amendments in the EPS-95 scheme for retirement. Subscribers who have reached close should be allowed to withdraw the amount deposited in the pension fund.
Recommendation to give proportionate pension benefits
According to the statement of the Labor Ministry, the CBT has recommended to the government that members with less than six months of service period 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.
The Labor Ministry said that the Board of Trustees of EPFO has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. Apart from this, the 69th annual report prepared on the functioning of EPFO for the financial year 2021-22 was also approved, which will be presented in the Parliament.
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