SCOPE Commends Ministry of Labour & Employment for Progressive EPFO Reforms
The reforms, which merge thirteen complex provisions into three simplified categories, ensure faster, simpler, and more transparent withdrawal processes.
New Delhi: Standing Conference of Public Enterprises (SCOPE), an apex body of PSEs, has commended the Ministry of Labour & Employment for introducing progressive reforms in the Employees’ Provident Fund Organisation (EPFO), aimed at enhancing Ease of Living for crores of members.
The reforms, which merge thirteen complex provisions into three simplified categories, ensure faster, simpler, and more transparent withdrawal processes. The reduction of minimum eligible employment period for withdrawals from upto seven years to one year, and the facility for members to withdraw up to 75% of eligible amount at any time without documentation and full withdrawal under special situations are landmark measures towards member empowerment and procedural ease.
Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel
Read Also : NTPC to extend support for setting up National Level Archery Academy at Nava RaipurSCOPE also appreciated the Ministry’s initiative to extend the premature final settlement period to 12 months, a prudent step to promote long-term financial well-being, and to revise withdrawal benefit rules under EPS to encourage continuity and secure future pension benefits.
These comprehensive and citizen-centric reforms strike a fine balance between accessibility and financial prudence, reaffirming the Government’s commitment to inclusive social security and welfare of the workforce.
Read Also : REC Limited declares second interim dividend Rs 4.60 per share