According to Union Labor Minister Bhupendra Yadav, the scope of EPFO will be increased from the existing 6.5 crore members to 10 crore members. EPFO has to reduce its litigation and increase the spread.
What is the meaning: This decision means that now the subscribers of EPFO will be able to withdraw money from the pension fund as well. EPFO allows withdrawal of the amount deposited in its Employees Provident Fund account i.e. EPF account only if the service is less than six months till now. According to the rules till now, you get pension fund money after retirement. However, now the EPFO has sent its proposal to the Finance Ministry and its official approval is awaited.
Good news for pensioners: Apart from this, the Board of Trustees has also recommended proportionate pension benefits to the members who have been part of the scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefits.
Reaching 10 crore people: According to Union Labor Minister Bhupendra Yadav, the scope of EPFO will be increased from the current 6.5 crore members to 10 crore members. He said that the biggest responsibility of EPFO is to reduce its litigation and increase the spread.
