Permission to withdraw funds from the Pension scheme for coronavirus treatment
Posted on: 11/Apr/2020 11:47:48 AM
The Pension Funds Regulatory and Development Authority has given permission to withdraw a part of the pension fund for those who had invested in the National Pension Scheme.
The country�s economy has been extremely severely affected by the coronavirus pandemic! Money circulation has dwindled considerably as well! Some have lost their jobs! Some companies/organizations have cut salaries.
Considering all these above factors, the Reserve Bank of India appealed to the banks to waive the payments of EMIs for various loans for 3 months.
As per this, the banks have responded with the announcement that those who have not paid EMIs can increase the payment period by 8 to 10 months or else, they can pay the due interest and the EMI can be increased to account for the balance due.
In a similar move, the EPFO (Employees Provident Fund Organisation) has granted permission to withdraw 75% from the Provident Fund account.
Further, The Pension Funds Regulatory and Development Authority has authorized the persons who have invested in the National Pension Scheme to withdraw a part of the savings. The announcement mentions:
�If any of the investors in the National Pension scheme is affected by coronavirus or his family members included legally adopted children and their parents, they can withdraw a part of the investment as per the rules and regulations. At the same time, please note that this facility is not available for those who have invested in the �Atal Pension Scheme�.`
As of 3rd March, 3.46 Crores persons have joined the National Pension Scheme and Atal Pension Scheme. Out of this, 2.11 Crores persons have joined in the Atal Pension Scheme as per the statistics released by The Pension Funds Regulatory and Development Authority.
