The pension deficit

The govt should release statutory dues to the EPFO

The Employees’ Provident Fund Organisation (EPFO) is reportedly considering giving its members an option to start drawing their pension when they turn 60 rather than 58, which is the case now. Incentives such as additional bonus may be offered to those who agree to postpone the withdrawal. On the face of it, the idea makes sense because most pension funds start payment once the investor turns 60. An additional two-year window will help the beneficiary grow her or his pension kitty.

The problem, however, is the reason behind the EPFO’s move. As recently reported by this newspaper, the government is reneging