What is the Pro-rata Pension in the Provident Fund Act and how is it calculated?
From India, Thana
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As per Employees' Pension Scheme (EPS) rules, an EPFO member who retired before September 26, 2008, could get a maximum of one-third of his/her pension for ten years as a lump sum, i.e., commuted pension, and the remaining two-thirds were paid as monthly pension to an employee for his/her lifetime. This was in the news recently as the labor ministry, in a notification dated February 20, 2020, has notified the restoration of full pension after 15 years of retirement for pensioners under the Employee Provident Fund Scheme (EPF scheme) who have commuted part of their pension at the time of retirement. Pro rata pension refers to the 2/3 pension receivable after it is commuted.
From India, Mumbai
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