EPFO releases Rs 868 cr pension

New Delhi, Jun 1 (IANS) | Publish Date: 6/1/2020 2:37:01 PM IST

The Employees Provident Fund Organisation (EPFO) released Rs 868 crore pension along with Rs 105 crore arrear on account of restoration of commuted value of pension by the central government, the Ministry of Labour and Employment announced.

Without the provision for commuted pension, pensioners continued to receive reduced pension lifelong. “This is a historical step for the benefit of pensioners under EPS-95,” the Ministry said. 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.

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.


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