Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme due to which crores of employees are going to benefit. The Pension Fund has allowed employees who retire within 6 months to withdraw the amount deposited under EPS-95. The Central Board of Trustees (CBT) in its recommendation to the government had said that members with less than six months of service should be given the facility to withdraw money from their EPS account. Apart from this, the Board of Trustees has recommended to the Government to provide pension benefits on a proportionate basis to the members who have served in the scheme for more than 34 years.
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If the government accepts the recommendation of the Central Board of Trustees, the pensioners will get more pension. Till now employees with less than six months of service were allowed to withdraw only the amount deposited in their provident fund account. But now as per the decision taken by the pension fund, the retiring employees are expected to get huge relief.
According to the Labor Ministry, a decision has been taken to withdraw the deposits made under EPS-95 in a meeting chaired by Union Labor Minister Bhupendra Yadav. The Labor Ministry also said that the Board of Trustees of EPFO has approved the investment in exchange traded fund units.
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