It has been observed that the payment of pensions to the pensioners is not credited to the account on the due date due to the problem faced by the EPS pensioners.
Employee Pension Program News: There is good news for EPS 95 pensioners as they will now be adding pensions to their account on the last working day of the month rather than the first working day of the month.
The current agreement between the bank and the pension provider states: “The pension will be owed on the first working day of the month. to which the pension applies or in any case not later than the 5th day of the month.”
However, it is noted that the pension payments are not credited to the account on the due date due to the problem faced by EPS pensioners.
The matter has been reviewed by the Pension Division and in line with the RBI’s directives, it has been decided that all land officers can send the monthly statement to the banks in such a way that the pension is credited to the pension’s accounts. Pensioners on the last working day of the working day, months (except March will continue to be filed on or after April 1).
In addition, it can be ensured at the same time that the actual pension is paid to the pension provider no earlier than two days before the payment is deposited into the pensioner’s accounts.
EPFO has entered into agreements with several pensioner banks for the credit of pensioners to its pension fund.
In addition, the RBI regularly issues guidelines and instructions to pension agencies for the authorization of pensions by banks. The terms of the EPFO pension grant have been modeled on the RBI advertised issued from time to time.
All Employees Pension Scheme 1995 (EPS’95) pensions are required to provide a Jeevan Pramaan Patra (JPP) or a Certificate of Information Technology (DLC) each year, each to continue the pension book.
The Employees Provident Fund (EPFO) has already facilitated many options for EPS pensioners to submit their DLC. Under the new guidelines, EPS pensioners can now submit DLC at any time of the year, depending on their convenience. The lifetime certificate will remain valid for one year from the date the DLC is released.