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New Delhi, June 2, 2020
The Employees Provident Fund Organisation (EPFO) has released Rs 868 crore pension along with Rs 105 crore arrears on account of the restoration of commuted value of the pension.
On the recommendation of the Central Board of Trustees (EPFO), the Union Government accepted one of the long-standing demands of workers to allow restoration of commuted value of pension after 15 years, an official press 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, it said.
EPFO has more than 65 lakhs pensioners being catered through its 135 regional offices. EPFO officers and staff battled all odds during this COVID-19 lockdown period and processed pension payment for the month of May to ensure credit of pension in the bank account of pensioners on schedule, the release added.