The government will change the rules of the EPFO pension scheme, employees will have fun, see

Change in the rules of EPFO pension scheme: Union Labor and Employment Minister Dr. Mansukh Mandaviya said on Monday that changes are being considered in the rules of the EPFO pension scheme. Under this, employees can be given the option to convert the total amount deposited in the PF account into a pension.

Change in the rules of the EPFO pension scheme.

Mandaviya said that for social security, employees need to be given more options under the Employees Provident Fund.

He said that if an employee wants after retirement all the money deposited in his PF account should be converted into a pension fund so that he can get more pension. The government is seriously considering this. There is ample possibility of change in the rules after discussing all aspects in the future.

20 lakh employees joined EPFO in July

About 20 lakh new employees have joined EPFO in July. In July, the highest number of people have started jobs in the current financial year. A total of 19.94 lakh registered with EPFO (Employees' Provident Fund Organisation) after starting the job. Out of these, 10.52 lakh employees are those who have started the job for the first time.

The portal will change due to the change in the rules of the EPFO pension scheme

When asked about the problems related to the EPFO portal, the Union Minister said that we are working towards making the EPFO portal like a banking website. It will improve a lot in the next six months.

Our effort is to make all the services available to the employees on the EPFO portal on the lines of the banking portal at one click. For this, the entire system is being improved.

EPFO pension withdrawal rules update

The EPFO has decided to allow withdrawal of deposits to those account holders in the Employees' Pension Scheme-1995 (EPS-95) who have less than six months of service left. With this facility, pensioners will be able to get more pension at the time of calculating retirement benefits.

CBT recommended changes in the EPS-95 scheme

A statement issued by the Ministry of Labor said that the Central Board of Trustees (CBT), an institution headed by the Union Labor Minister, in its meeting has recommended the government make some amendments to the EPS-95 scheme.