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EPF to be transformed to a part-pension fund

The EPF and Employees’ Trust Fund (ETF) are to be transformed  into a part-pension fund functioning under the Treasury, official sources said adding that the Finance Ministry has been directed to work out modalities of the pension scheme. The proposed pension fund would allow a retiring member to take part of the money as a ‘lump-sum’ payment and retain the balance to receive a monthly pension or withdraw his or her entire contribution on retirement.

Sunday Times