Retirement fund body EPFO 's trustees yesterday decided to raise the age limit from 58 to 60 years for vesting of pension.
The Employees' Provident Fund Organisation's apex decision making body, the Central Board of Trustees (CBT), which is headed by the Labour Minister, met and took a slew of other decisions.
At present, a formal sector worker covered under the EPS-95 can make contributions towards pension scheme till the age of 58 years and can claim pension thereafter.
After the amendment to the pension scheme, a formal sector worker can choose to contribute towards it till 60 years of age.
This will provide him a benefit of 4 per cent enhanced pension per year.
Besides, the trustees also decided to raise the age of short-term pension by five years to 55 years.
From India, Ahmadabad
Dear Mr. Sagar Modi,
Here the member is loosing in many ways.
1) Member has to contribute for 2 more years. (May be optional)
2) Member has to wait 2 more years to get full pension.
3) Now reduced pension can be availed from the age of 50 years on wards. But member has to wait for another 5 years to get this pension.
From India, Bangalore
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