HomeLifestyleEPFO: Good news for EPS subscribers, the rules for withdrawing money before...

EPFO: Good news for EPS subscribers, the rules for withdrawing money before retirement will change

Highlights

Approval has also been given to formulate a general policy for procurement of IT hardware.
A redemption policy has also been approved for investments in Exchange Traded Fund (ETF) units.
Approval was also given to the 69th Annual Report prepared on the working of EPFO.

New Delhi. The Employees’ Provident Fund Organization (EPFO) has now decided to allow withdrawal of deposits in the Employees’ Pension Scheme 1995 (EPS-95) for those subscribers who are due to retire in less than six months. At present, EPFO ​​members with a service balance of less than six months can only withdraw the amount deposited in their Employees’ Provident Fund Account (EPF).

According to a statement by the Labor Ministry, in the 232nd meeting of the Central Board of Trustees (CBT), the apex decision-making body of EPFO ​​under the chairmanship of Union Labor Minister Bhupendra Yadav, on Monday, the government has been recommended to amend the EPS-95 scheme. . It also includes a recommendation to allow premature withdrawal of money deposited in EPS. The CBT has also approved EPFO’s information security policy as well as a general policy for procurement of IT hardware for storage and procurement of server databases and database licenses.

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Recommendation of proportionate pension benefit
The board has recommended proportionate pension benefits to the members who are in the scheme for more than 34 years. Recommendation of proportionate pension benefit will help pensioners to get higher pension at the time of determination of retirement benefits. The Board has recommended enabling equitable transfer value calculation in cases of exemption or cancellation of exemption from EPS-95. The board approved 11 proposals for surrender/cancellation of exemption from EPF scheme.

ETF redemption policy also approved
A redemption policy has also been approved for its investments in Exchange Traded Fund (ETF) units. The Board also approved redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

These works also got approval
The audit report was also approved for laying in Parliament along with the audited Annual Accounts in respect of EPF Scheme 1952, EPS Scheme 1995 and Employees Deposit Link Insurance (EDLI) Scheme 1976 for the year 2020-21.

Tags: business news in hindi, EPF, Epfo, Personal finance

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