Under Employee pension scheme, labour ministry stated after
15 years of retirement pensioner can restore their Pension if they commuted
part of Pension at the time of retirement.
With this EPFO move pensioner who was retired before 26
September 2008, opt the partial commutation of Pension for approximately 6.5
lakh pensioner. Complete pension benefit
will be restored after 15 years of Pension from the date of retirement.
According to Employee pension scheme plan rules, any epfo
member who retired before ‘26 September 2008’ may get one third of his Pension as lump sump, commuted pension
and remaining part of the Pension (2/3)
will get in the form of monthly Pension for life time. As per the current epf
rules, employee provident fund organisation members don't have this option.
According to the notification dated on 20 February 2020. New
amendment wills benefited the employees as it would lead to the restoration of
complete Pension after 15 years. So that who was retired on 1 April 2005 will
be the beneficiary of getting the higher pension benefit on 1 April, 2020.
According to law," Para 12A of the Employee Pension
Scheme, an employee could claim lump-sum Pension, instead of monthly Pension.
Such lump-sumps was allowed for a maximum of 1/3rd of monthly Pension.
Remaining continued to be received as monthly Pension by the employee.
Article source: https://bit.ly/2HZGBvF
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