New Delhi: The Modi government of the Center has given a big gift to millions of pensioners before Holi. The Ministry of Labor has announced that employees can avail partial withdrawal facility from Provident Fund Organization (EPFO). This rule was earlier to be implemented from 1 January 2020, but it has become a gadget on 20 February 2020. Therefore from that date, it will be considered effective. The Central Government has issued a notification.
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According to the media report, EPFO has named this scheme Employee Pension (Amendment) Scheme, 2020. The government has now notified the scheme. The EPFO Board approved the change in this rule in August 2019. This facility will benefit 6.3 lakh EPS pensioners. EPFO is working on another such system, in which pensioners will get PF on the day of retirement and get a pension on time. For maximum benefit of PF, UAN needs to be linked with Aadhaar. EPFO will introduce an e-inspection system to monitor Compliance by employers.
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A committee of EPFO recommended amendment of EPFC-95 to restore the pension amount after 15 years of partial withdrawal. There was a demand to restore pension 'communication'. Earlier, EPS-95 members were allowed to withdraw one-third of the pension head for 10 years. It has been restored after 15 years. This facility is already available for government employees. Now private employees will also get the benefit of this.