New Delhi: The labour ministry has notified the restoration of full pension after 15 years of retirement for pensioners who have commuted part of their pension at the time of retirement. The move is expected to benefit 630,000 pensioners and substantially increase pensions for those members of the Employees Provident Fund Organisation (EPFO) who retired before September 26, 2008 and had opted for partial commutation of pension. The higher or full pension benefit will be restored after 15 years from the date of receiving commuted pension at the time of retirement. According to Employees’ Pension Scheme, i.e., EPS rules, an EPFO member who retired before September 26, 2008, could get maximum one-third of his/her pension as lump-sum (commuted pension), while the remaining two-thirds was paid as monthly pension for his/her lifetime. As per current EPF rules, EPFO members do not have an option to receive commutation benefit. EPFO administers EPF and EPS schemes and comes under labour ministry. This will benefit such employees as it will lead to restoration of full (higher) pension after 15 years. For instance, an individual who retired on April 1, 2005, would be eligible to receive the benefit of higher pension after 15 years —… Read full this story
- Pre-retirement judgments and post-retirement jobs
- City's Silva reveals post-retirement plans
- Braj Raj Sharma to continue as SSC chairman for 2 more years, post retirement: Govt
- Man, 80, who thought he wasn't entitled to state pension gets shock £140,000 lump sum
- Hundreds of companies to stop paying pension top-ups during coronavirus crisis
- Government to cut £70 a week from thousands of state pensions
- Government told to reconsider pension deferment
- Leading Pension Administration Firm - Pension Investors - Launches New Website
- Public pension funds shouldn't wait for a return to 'normal'
- Coronavirus lockdown pension mistakes could make people poorer for decades
Now, full pension after 15 yrs of commutation post retirement have 301 words, post on economictimes.indiatimes.com at February 26, 2020. This is cached page on Talk Vietnam. If you want remove this page, please contact us.