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EPFO mulls raising retirement age to 60 years

In its meeting on February 5, EPFO's decision-making body will also deliberate on a proposal to withdraw two years bonus under the pension scheme provided to subscribers after rendering 20 years of pensionable service.

The Employees' Provident Fund Organisation has launched its online transfer claim portal.
In August alone, EPFO settled 10.98 lakh claims while the percentage of claims settled within the mandated time frame was 98.9 per cent.
The number of grievances in Employees Provident Fund internet Grievance System has reduced from more than 25,000 to less than 5,500.
The retirement fund body had paid 8.5 per cent interest rate to subscribers in 2012-13, which was higher than 8.25 provided in the 2011-12.
The allowance has been increased to 90 per cent from the existing 80 per cent.
At present, it can invest in AAA-rated PSU bonds with tenure up to 15 years. The new norms propose to increase this to 25 years.