Employees Provident Fund Organisation (EPFO) has decided to allow withdrawal of accumulations in Employees’ Pension Scheme 1995 (EPS-95) for those subscribers who have only less than six months of service left. Currently, the EPFO subscribers who have less than six months of service left are allowed to withdraw the accumulations in their employees’ provident fund account only.
Yesterday, Union Minister for Labour and Employment Bhupender Yadav chaired the meeting of the Central Board of Trustees, EPFO in which the Board recommended to the government to make certain amendments to extend proportionate pensionary benefits for members who have been in the scheme for more than 34 years.This will help pensioners in getting higher pension at the time of fixation of the retirement benefit.
Ministry of Labour and Employment in a statement said that the board has recommended enabling equitable transfer value calculation in cases of grant of exemption or on cancellation of exemption from EPS-95. A redemption policy for its investments in Exchange-traded fund (ETF) units has also been approved. The meeting also approved redemption of ETF units purchased during the period calendar year 2018 for booking capital gains to be included in the earnings for calculation of rate of interest for the 2022-23.
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