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.
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.