EPFO’s Decide To Raise Age Limit To 60 Yrs For Vesting Pension

12 March , New Delhi

Retirement fund body, Employees’ Provident Fund Organisation’s trustees has decided to raise the age limit from 58 to 60 years for vesting of pension.

Central Board of Trustees member D L Sachdev said that the EPFO’s apex decision making body, the CBT, which is headed by the Labour Minister, met Wednesday and took a slew of decisions.

At present, a formal sector worker covered under the EPS-95 can make contributions towards pension scheme till the age of 58 years and can claim pension thereafter.

After the amendment to the pension scheme, a formal sector worker can choose to contribute towards it till 60 years of age. This will provide him a benefit of 4 per cent enhanced pension per year.

Besides, the trustees has also decided to raise the age of short-term pension by five years to 55 years. Union Minister of State for Labour and Employment Bandaru Dattatreya also launched EPFO’s Short Code SMS services for the members Wednesday .