BHEL commissions renovated 60 MW unit Labour Ministry to enforce EPFO’S move to restore pension commutation from Jan 1

NEW DELHI: State-run engineering firm BHEL on Friday said it has commissioned the first renovated 60 MW unit of NHPC'S 180 MW Baira Siul hydro project in Himachal Pradesh.

Baira Siul is the first hydro station of state-run hydro power giant NHPC to have been taken up for comprehensive Renovation & Modernisation (R&M).

“BHEL has successfully renovated and modernised one unit of the 3x60 MW Baira Siul Hydro Power in Himachal Pradesh,” a BHEL statement said.

BHEL had won the order for R&M of three units of the hydro power station located in Chamba district of Himachal Pradesh amidst stiff competitive bidding.

The R&M of the other two units is under various stages of execution.

BHEL'S scope in the project comprises design, manufacture, supply, replacement and commissioning of critical parts of turbines and auxiliaries, governors, generators and control and monitoring.

The R&M of the project will result in restoration of output capacity and improvement in efficiency, in addition to leading to better plant availability and life extension of equipment.

BHEL is also the Original Equipment Manufacturer (OEM) of these hydro units.

The company is currently executing hydroelectric projects of more than 6,000 MW, which includes 2,910 MW of projects within the country and 3,224 MW abroad.

In addition, BHEL is also carrying out comprehensive R&M of more than 699 MW hydro projects across the country.

NEW DELHI: The labour ministry will enforce the retirement fund body EPFO'S decision to restore pension commutation, or advance part-withdrawal, under the Employees' Pension Scheme from January 1, 2020, a move which will benefit 6.3 lakh pensioners, a source said.

These 6.3 lakh pensioners had opted for commutation of their pension and got a lump sum amount at the time of retirement from their pension accumulations or fund before 2009. The provision for commutation of pension was withdrawn by the EPFO in 2009.

"The labour ministry would issue a notification on January 1, 2020, to implement the Employees' Provident Fund Organisation's (EPFO) decision to restore commutation, or advance partwithdrawal, under the Employees' Pension Scheme," the source said.

Under the commutation, monthly pension used to be cut by one-third for the next 15 years and the reduced amount was given in lump sum. After the 15 years, pensioners were entitled to get the full pension.

The EPFO'S apex decision making body the Central Board of Trustees headed by the labour minister, had approved the proposal to restore commutation of pension for 6.3 lakh pensioners opted for the benefit, in its meeting held on August 21, 2019.

An EPFO panel had recommend for amendment in EPS95 (Employees' Pension Scheme 19995) for restoration of commuted value of pension to pensioners after 15 years of drawing commutation.

There was a demand for restoration of commutation of pension. Earlier under EPS-95 members were allowed to commute one-third of their pension for 10 years, which was restored after 15 years. This facility is available to government employees.