Roughly 31% of eligible employees have exercised the option so far, according to PFRDA figures placed before the Standing Committee.

Pensioners above 80 may submit the certificate from 1 October, a month ahead of others.

Subscribers may draw the 60% lump sum in monthly, quarterly or annual instalments instead of one payment.

The rate applies to all provident funds of Central Government employees including CPF and AISPF.