New Delhi: The Standing Conference of Public Enterprises (SCOPE), the apex body representing Central Public Sector Enterprises (CPSEs), has commended the Ministry of Labour & Employment for introducing a series of progressive reforms in the Employees’ Provident Fund Organisation (EPFO), aimed at enhancing the 'Ease of Living' for millions of members across the country.
The latest EPFO reforms streamline and simplify processes by merging thirteen complex provisions into just three categories, thereby ensuring faster, more transparent, and user-friendly withdrawal mechanisms. Among the key measures is the reduction of the minimum eligible employment period for withdrawals, from up to seven years to just one year, along with a facility that allows members to withdraw up to 75 percent of their eligible amount at any time without the need for documentation. Full withdrawals under special circumstances have also been made more accessible.
SCOPE lauded these initiatives as landmark steps toward member empowerment and procedural efficiency. The organisation also appreciated the Ministry’s decision to extend the premature final settlement period to 12 months, a move aimed at promoting long-term financial well-being. Additionally, the revision of withdrawal benefit rules under the Employees’ Pension Scheme (EPS) is expected to encourage continuity of contributions and strengthen future pension security.
Highlighting the significance of these measures, SCOPE stated that the comprehensive and citizen-centric reforms strike a fine balance between accessibility and financial prudence. They reaffirm the Government’s commitment to inclusive social security and the welfare of the nation’s workforce.
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