Quick Summary
EPFO released Rs 868 crore pension along with Rs 105 crore arrear on account of restoration of commuted value of pension.
On the recommendation of 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.
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.
FAQ :
The main change is the restoration of the commuted value of pension after 15 years, leading to enhanced monthly pension payments for eligible pensioners.
Over 65 lakh pensioners are expected to benefit from this enhancement.
Previously, there was no provision for restoring commuted pension, and pensioners received a reduced pension lifelong after commutation.
The restoration of the commuted value of pension will apply after 15 years.
Yes, EPFO officers and staff ensured that pension payments for May 2020 were processed and credited to pensioners' bank accounts on schedule, despite the Covid-19 lockdown.
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