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A new scheme to facilitate withdrawal of pension without employers approval
Posted on: 20/Aug/2016 5:36:54 PM
EPFO (Employees Provident Fund Organisation) has introduced a new format 10D based on Unique Account Number (UAN) for the subscribers of EPF (Employees Provident Fund).
With the introduction of this new system, the EPF subscribers can withdraw the pension even without approval from their employers.
In the present system in practice, approval from the employer company is required as per employees pension plan 1955 for the EPF subscribers to withdraw from their pension account.
EPFO has informed through a report that a new format 10-D UAN has been introduced based on the subscribers’ general account numbers. It has mentioned that the approval from the employer is not required in this new scheme.
The subscriber can directly visit the office of the EPFO and apply. EPFO has provided new schemes for the subscribers to avail increased pension benefits.
The report mentions that the subscribers over the age of 58 with or without the employer’s contribution can avail/ withdraw pension between the ages 58 to 60.
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