NEWS

EPFO Pensioners to Get Enhanced Pension

EPFO released  Rs  868 crore pension along with Rs 105 crore arrear on account of the restoration of the commuted value of the pension.

On the recommendation of the Central Board of Trustees (EPFO), the Government of India accepted one of the long-standing demands of workers to allow restoration of commuted value of pension after 15 years. Earlier there was no provision for restoration of commuted pension and the pensioners continued to receive reduced pension on account of commutation lifelong. This is a historical step for the benefit of pensioners under EPS-95.

Also read: EPFO updates KYC for 52.62 lakh subscribers since 1st April, 2020

EPFO has more than 65 lakhs pensioners catered through its 135 regional offices. EPFO officers and staff battled all odds during this Covid-19 lockdown period and processed pension payment for May 2020  to ensure credit of pension in the bank account of pensioners on schedule.

Also read :FAQs on EPF & EPS Contributions relief for 3 months.

TaxClue Team

Taxclue is an online news portal for reporting all news, articles, judgments, Circulars, orders, and notifications relating to various corporate and tax laws in India. We use the tagline ‘Simplifying Laws’. Our mission is to Simplify the Laws and make people aware of their rights and duties in relation to tax matters in order to equip them to participate in nation-building. TaxClue is a team of young professionals. We started in December 2016 with the mission of knowledge sharing. TaxClue would like to hear your valuable suggestion. Please write to our editorial team at [email protected]

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