Restoration of commutation of pension under EPS
GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
RAJYA SABHA
QUESTION NO 442
ANSWERED ON 20.11.2019
Restoration of commutation of pension under EPS
442 Shri S. Muthukaruppan
Will the Minister of LABOUR AND EMPLOYMENT be pleased to state :-
(a)whether it is a fact that the Employees Provident Fund Organisation (EPFO) has approved a proposal to restore commutation of pension or advance part withdrawal under the Employees Pension Scheme (EPS);
(b)if so, the details thereof; and
(c)whether it is also a fact that the said move will benefit 6.3 lakh pensioners under EPS?
ANSWER
MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT
(SHRI SANTOSH KUMAR GANGWAR)
(a) to (c): The provision of commutation was deleted vide notification G.S.R. 688 (E) dated 26.09.2008. At present, no such proposal has been approved to restore the provision for commutation of pension under the Employees’ Pension Scheme (EPS), 1995.
However, a proposal for restoration of the commuted value of pension after expiry of 15 years for EPS pensioners who had opted for commutation is under consideration.
