EPFO issued a modification in Table D under EPS' 95 for the purpose of calculation of withdrawal benefit in terms of para 14 of the scheme

The Employees' Provident Fund Organisation (EPFO) on June 24, 2024, issued a modification in Table D under EPS' 95 for the purpose of calculation of withdrawal benefit in terms of para 14 of the scheme.

Vide notification No. G.S.R. 326(E) dated June 14, 2024, Ministry of Labour and Employment, Government of India has modified Table D under EPS' 95 which is used for the calculation of withdrawal benefit in terms of para 14 of the scheme.

Instead of taking, the number of years of service as the basis of calculation, henceforth in cases not illegible for pension, the completed months of contributory service shall be taken into account for the calculation of the withdrawal benefits.

The revised Table D is applicable for all withdrawal benefit cases settled after the date of notification, irrespective of the date of leaving service, in accordance with Para 6A of the scheme.

The only exception shall be cases where members may have attained age 58 years before June 14, 2024. In such cases, since the date of completing 58 years i.e. date of exit from the scheme is before the date of notification of revised Table D, the calculation will continue to be based on the erstwhile Table.

[File No: e-37633/1920]