693 in Ludhiana to benefit from EPFO’s decision to restore full pension

Retirees who had opted for commutation at the time of retirement before September 28, 2008 to get full pension after 15 years of retirement

As many as 693 pensioners of the district will benefit from the decision of Employees Provident Fund Organisation (EPFO) to restore full pensions of those who had opted for commutation while retiring.

EPFO had notified the scheme in February but it took a few months to change the software. (Representative photo/Bloomberg)

Commutation is an option given to pensioners to withdraw one-third of their pension upfront at the time of retirement. They then receive the two-thirds of the pension balance monthly.

But on February 26, the EPFO decided to disburse full pension to people, who had retired before September 25, 2008, and had completed 15 years of retirement.

Presently, there are 24,538 pensioners with the EPFO regional office in Ludhiana out of which 693 are eligible for full pensions.

“Though the notification was issued in February, it took a few months to update the software. We are expecting to send full pension to those who are eligible from June onwards,” said Dheeraj Gupta, regional provident fund commissioner.