New Delhi: The Employees’ Provident Fund Organization (EPFO) has announced that pension will now be credited to the accounts of EPS 95 pensioners by the last working day of each month.
The EPFO stated that “the pension is 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.”
The organization has taken note of the delay in payment of pension to pensioners who complained that money was not getting credited to their accounts. The pensioners of the Employees’ Pension Scheme are facing a lot of trouble in getting their pension on time.
“The matter has been reviewed by the Pension Division and in line with the directions of RBI, it has been decided that all Regional 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. The EPFO said in its circular, (Except for the month of March which will continue to be deposited on or after 1st April)
“In addition, it may also be ensured that the actual pension is sent to the pension disbursing banks not earlier than two days before the credit of the pensioners’ accounts,” the EPFO further said.
Accordingly, in view of the above instructions for strict compliance, all the offices are advised to direct the pension disbursing banks under their respective jurisdictions to ensure proper implementation of the above.
In India, the government has made it mandatory for all employees earning a basic salary with a DA of Rs 15,000 or less to invest in EPS. All such employees who invest in EPF are also eligible to invest their money in EPS to secure their future.