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What is pension commutation or adavanced part-withdrawal? What was the recommendation given by EPFO for the same?
What is pension commutation or adavanced part-withdrawal? What was the recommendation given by EPFO for the same?
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RohanAnswered on January 09,2020
Under the Pension commutation or advance part-withdrawal, monthly pension used to be cut by one-third for the next 15 years and the reduced amount was given in lump sum. After the 15 years, pensioners were entitled to get the full pension.
An EPFO panel had recommended for amendment in EPS-95 (Employees' Pension Scheme 19995) for restoration of commuted value of pension to pensioners after 15 years of drawing commutation.
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