New Delhi: In what could be hailed as one of the landmark decisions, retirement fund body Employees' Provident Fund Organisation (EPFO) on Monday, released Rs 868 crore pension along with Rs 105 crore arrear on account of restoration of commuted value of pension.
On the recommendation of Central Board of Trustees of the EPFO, the government has accepted one of the long standing demands of workers to allow restoration of commuted value of pension after 15 years, an official release said.
Earlier there was no provision for restoration of commuted pension and the pensioners continued to receive reduced pension on account of commutation lifelong.
“This is a historical step for the benefit of pensioners under EPS-95,” the official release said.
EPFO has more than 65 lakhs pensioners catered through its 135 regional offices.
“EPFO officers and staff battled all odds during this Covid-19 lockdown period and processed pension payment for May,2020 to ensure credit of pension in the bank account of pensioners on schedule,” the release added.