7th Pay Commission Latest News: Here comes a piece of good news for pensioners across the country as the Employees Provident Fund Organisation (EPFO) has released Rs 868 crore pension along with Rs 105 crore arrear on account of the restoration of commuted value of the pension by the Central government. An announcement to this effect was made by the Ministry of Labour and Employment. Also Read - 7th Pay Commission Latest News: Good News For State Govt Employees as Andhra Pradesh to Pay Full Salaries For May
The Labour Ministry said that the Central government earlier had accepted the EPFO Trust’s recommendation on one of the longstanding demands of workers to allow restoration of commuted value of pension after 15 years, allowing pensioners receive the enhanced pension. Also Read - 7th Pay Commission Latest News: Good News For Pensioners as Govt Extends 'Pradhan Mantri Vaya Vandana Yojana' by 3 Years Till March 2023
The pensioners across the country were receiving reduced pension without any provision for commuted pension. The Labour Ministry said that the historic step from the Central government will benefit pensioners under EPS-95. Also Read - 7th Pay Commission Latest News: Govt Says Employees' PF Contribution Can go More Than Just 10%
The Labour Ministry further added that the Employee’s Pension Scheme (EPS 95) was rolled out in 1995. Initially, the ceiling was Rs 5,000, which was raised to Rs 6,500 in 2011 and then to Rs 15,000 in 2014.
As per updates, the EPFO caters to more than 65 lakh pensioners through its 135 regional offices. The EPFO employees processed May pension and ensured its credit in the pensioners’ bank accounts on schedule, battling all odds during the Covid-19-induced lockdown.
According to an earlier update, the labour Ministry said that the account holders are increasingly withdrawing money from the PF accounts, taking advantage of the rebate due to the lockdown. According to the EPFO, about 13 lakh account holders have availed this facility so far as Rs 4,684.52 crore has been paid on claims. About 7.40 lakh claims are associated with the Pradhan Mantri Garib Kalyan Yojana package.
The Labour Ministry said that the number of withdrawals from exempted PF trusts has also increased. According to the data on April 27, a total of 79,743 exempted PF trust account holders withdrew Rs 875.52 crore from the accounts.