Centre may separate EPF, pension A/CS

fund and pension accounts of millions of formal sector workers covered by the Employees Provident Fund Organisation (EPFO) in order to protect monthly pension payouts. The move is being seen as a pension reform under the labour code on social security. Authorities believe that once EPFO subscribers have a separate pension account, they won’t withdraw their pension accumulations along with employees’ provident fund (EPF). When retired workers withdraw their provident fund, they end up breaking into their pension fund, too, because they are part of a single account, according to two officials familiar with the developments. A total of 7.63 million employees have dipped into these savings under a clause called Covid advance as of May 31, 2021.