Like Employees’ Provident Fund (PF), now the amount deposited in the Pension Scheme (Employees’ Pension Scheme EPS-95) will also be able to withdraw six months before retirement. EPFO has decided to relax the rules.
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What changes in pension withdrawal rules? Who benefits how much?
EPFO decided to allow withdrawal of deposits in Employees’ Pension Scheme-1995 (EPS-95) for those account holders who have only less than six months of service left. This facility will help the pensioners to get more pension at the time of calculation of retirement benefits.
CBT recommends changes in EPS-95 scheme-
In a statement issued by the Ministry of Labor, it has been said that the Central Board of Trustees (CBT), headed by Union Labor Minister Bhupendra Yadav, in its 232nd meeting held on Monday, has recommended to the government to make some amendments in the EPS-95 scheme.
Now there is a facility to withdraw PF before retirement-
At present, members of the Employees’ Provident Fund Organization (EPFO), who have less than six months of service left, can withdraw the amount deposited in their PF account…..then will get more pension?
The board has recommended proportionate pension benefits to the members who are in the scheme for more than 34 years.
Where to invest after retirement?
After retirement, senior citizens are generally looking for such a place of investment from where they can get regular income. There are options like Senior Citizen Savings Scheme, Pradhan Mantri Vaya Vandana Yojana, Fixed Deposit with Bank, Special Term Deposit, Reserve Bank’s Floating Rate Savings Bonds 2020 (Taxable), Post Office Monthly Income Scheme and Post Office Time Deposit Account.
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