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RESTORE COMMUTATION OF PENSION

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RESTORE COMMUTATION OF PENSION

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The Commuted portion of pension can be restored after 15 years from the date of receipt of the commuted value of pension, based on the application made. The pensioners who had opted for commutation of their pension and got a lump sum amount at the time of retirement from their pension accumulations on or before the 25th day of September, 2008 ( under paragraph 12A of this Scheme), when the provision for commutation of pension was withdrawn by the EPFO by G.S.R. 688(E), dated 26 September 2008, now, the labour Ministry had implemented the EPFO’s decision to restore commutation, or advance part-withdrawal, under the Employees’ Pension Scheme.

Under the commutation, one-third of the monthly pension used to be cut for the next 15 years and the reduced amount was given in lump sum. After 15 years, pensioners were entitled to get the full pension, earlier, under the scheme, government employees were allowed to commute one-third of their pension for 10 years, which was restored after 15 years.

It will benefit around 630,000 pensioners.

Employees Pension (Amendment) Scheme, 2020

MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 20th February, 2020
G.S.R. 132(E).— In exercise of the powers conferred by section 6A read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Pension Scheme, 1995, namely :-

1. (1) This Scheme may be called the Employees’ Pension (Amendment) Scheme, 2020.
(2) It shall come into effect from the date of its publication in the Official Gazette.2. In the Employees’ Pension Scheme, 1995, after paragraph 12, the following paragraph shall be inserted, namely:–

“12B. Restoration to normal pension in cases of grant of commutation. – The normal pension in respect of those members who availed the benefit of commutation of pension under the erstwhile paragraph 12A of this Scheme, on or before the 25th day of September, 2008, shall be restored after completion of fifteen years from the date of such commutation.”

[F. No. R-15011/01/2019-SS-II (Pt.)]
R.K. GUPTA, Jt. Secy.

Note : The Employees’ Pension Scheme, 1995 was published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide notification number G.S.R. 748(E), dated the 16th November, 1995 and was last amended vide notification number G.S.R. 285(E), dated the 4th April, 2019.

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