EPFO Trustees Decide on Pension Age Limit Increase
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 the pension scheme until 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 until 60 years of age. This will provide him a benefit of a 4 percent enhanced pension per year. Besides, the trustees also decided to raise the age of the short-term pension by five years to 55 years.
From India, Ahmadabad
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34Retirement 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 the pension scheme until 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 until 60 years of age. This will provide him a benefit of a 4 percent enhanced pension per year. Besides, the trustees also decided to raise the age of the short-term pension by five years to 55 years.
From India, Ahmadabad
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Dear Mr. Sagar Modi,
Here, the member is losing in many ways:
• The member may have to contribute for 2 more years (this may be optional).
• The member has to wait 2 more years to receive the full pension.
• Reduced pension can now be accessed from the age of 50 years onwards. However, the member must wait another 5 years to receive this pension.
Regards,
Abbas P.S
From India, Bangalore
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Here, the member is losing in many ways:
• The member may have to contribute for 2 more years (this may be optional).
• The member has to wait 2 more years to receive the full pension.
• Reduced pension can now be accessed from the age of 50 years onwards. However, the member must wait another 5 years to receive this pension.
Regards,
Abbas P.S
From India, Bangalore
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