Changes in EPS Pension Disbursement Rules: The Employees’ Provident Fund Organization or EPFO has taken note of the difficulties faced by pensioners who have claimed that their pension does not reach them on time. This is especially difficult for pensioners registered under the Employees’ Pension Scheme or EPS. As per the guidelines, every salaried person receiving Employees’ Provident Fund is covered under the EPS policy. However, recently, EPFO has changed the guidelines on when this money is to be credited to the pensioner’s account, keeping in view the difficulties faced by them for not receiving the pension within the due date.
The EPFO has said in a circular on January 13 this year that the pension amount should be deposited in the accounts of EPS 95 pensioners within the last working day of every month. As per the present agreement with the Pension Disbursing Officers, “Pension shall be credited on the first working day of the month to which the pension relates or in any case not later than the 5th day of the month.”
However, in its January 13 circular, the EPFO said that the matter has been reviewed. “The matter has been reviewed by the Pensions Division and in line with the directions of RBI, it has been decided that all the field offices may send monthly BRS to the banks in such a manner that the pension is credited to the pensioners’ account on or before the last working day. Get deposited month (except for the month of March which will continue to be credited on or after April 1),” it said in the circular.
“Furthermore, it may be ensured that the pension disbursing banks are sent to the pension disbursing banks not earlier than two days before the actual pension is credited to the pensioners’ accounts,” the central government-backed retirement body further said in the circular.
“Accordingly, keeping in view the above instructions for strict compliance, all the offices are advised to issue necessary guidelines/instructions to the pension disbursing banks under their respective jurisdictions to ensure proper implementation of the above.” Do it.” This decision is going to prove beneficial for those pensioners who are heavily dependent on the pension they get every month.
As mentioned earlier, every employee who is a member of EPF is also eligible for EPS. It is mandatory for all employees who earn basic pay and dearness allowance of Rs 15,000 or less, to join the Employees’ Pension Scheme. This scheme ensures that all private sector employees get pension on reaching the age of 58 years. Every month, employees and employers contribute 12 per cent of the salary to the Employees’ Provident Fund, or EPF. However, while the entire amount contributed by the employee goes to EPF, the employer’s share of 8.33 per cent goes to EPS.
read all breaking news, today’s fresh news And coronavirus news Here.
,