Budget 2025 Update: The entire budget will be presented on February 1, 2025, and all sections have high expectations. The Modi government at the Center is considering options to benefit older people significantly under social security after retirement. Did you know that EPFO employees can convert their PF fund into a pension?
This will give the PF employee the benefit of more pensions after retirement. It is expected that in the next financial year, 2025-2 budget6, the government can also make a big announcement regarding social security, which will be like a gift. If this happens, then the employees are sure to be very happy.
Ministry of Labor and Employment is working on the option.
Sources related to the central government say that the Ministry of Labor and Employment is already working on options to expand the scope of the social security scheme. According to the new options, workers will receive many types of benefits. The amount deposited in the worker’s PF fund associated with EPFO can be converted into a pension after retirement.
This means that if an employee feels that he needs a pension in retirement, the amount deposited in the fund can be put into the pension fund. This will increase your retirement considerably as employees can get more facilities.
Annual interest will be available even after retirement.
If an employee retires at 58 and wants to start a pension at 60 or 65, this option will remain open. Until the pension starts, the benefit of annual interest will also be available. Interest will continue to be received on the amount deposited in the PF account annually. The bumper benefit will be available according to the age at which the employee starts the pension.
A lump sum amount will be deposited in the PF account
Suppose sources related to the central ministry are believed. In that case, EPFO members may be allowed to deposit a lump sum amount in the account in addition to the regular monthly contribution. If this happens, you can increase your funds by contributing separately to the PF account. There is a possibility that the government will agree on this, too.