New Delhi : Employees Provident Fund Organisation (EPFO) has announced that the pensions will now be credited to the EPS 95 pensioners’ accounts till the last working day of each month.
In a circular dated January 13, 2022, EPFO said that the “pension credited on the 1st working day of the month to which the pension relates or in any case not later than 5th day of the month.”
The organisation has taken note of the delay in payment of pension to pensioners, who had complained that the money was not getting credited to their accounts. The Employees’ Pension Scheme pensioners have long been difficulties in receiving the pension on time.
“The matter has been reviewed by Pension Division and keeping in line with RBI instructions, it has been decided that all field offices may send the monthly BRS to banks in such a way that pension gets credited to pensioners account on or before last working day of the month (except for the month of March that shall continue to be credited on or after 1st April),” EPFO said in its circular.
The EPFO added, “Further, it may simultaneously be ensured that actual pension is sent to the pension disbursing banks not earlier than two days before it is to be credited in pensioners’ accounts.”
“Accordingly, while taking note of the above instructions for strict compliance, all offices are advised to issue necessary guidelines/directions to the pension disbursing banks under their respective jurisdiction to ensure proper implementation of the above,” the circular stated.
In India, the government has made it mandatory for all employees earning a basic salary along with a DA of Rs 15,000 or less to invest in EPS. All such employees who invest in EPF are also eligible to put their money in EPS to secure their future.