New Delhi, August 23: The Central Board of Trustees approved a proposal to recommend the restoration of the commuted value of pension after 15 years. The amendment in the Employees' Pension Scheme 1995 will benefit around 6.3 lakh pensioners.
The decision that was taken at the 225th meeting of CBT held in Hyderabad on August 21 was a long-pending demand of pensioners.
Commuted value is the net present value of a future financial obligation.
The total pension obligation is a product of long-term interest rates and life expectancy of a pensioner.
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