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IRDAI Proposes Alternative Pension Scheme for EPFO Members

In a move aimed at enhancing post-retirement security, IRDAI has proposed an alternative pension scheme for members of the Employees’ Provident Fund Organisation (EPFO). This scheme seeks to offer additional financial protection and flexible withdrawal options for retiring employees.

The plan, under discussion with the Ministry of Labour and other stakeholders, is designed to complement the existing EPF pension scheme. IRDAI aims to bring private insurers into the fold to deliver diversified retirement products that cater to varied needs and financial goals.

If implemented, this could benefit millions of Indian workers, especially those looking for higher returns or early retirement benefits. The initiative marks another step in building a more inclusive and secure retirement system in India.

Source: The Economic Times