The EPFO is of the view that the pension payments to pensioners are not credited to the account on the due date, due to which Employees’ Pension Scheme (EPS) pensioners are facing difficulties.
Due to this, the EPFO issued a circular on 13 January 2022 in which it has been said regarding the delay in the account of money, ‘The matter has been reviewed by the Pension Division and as per the directions of RBI, it has been decided that all While sending the monthly BRS to the field officers banks, keep in mind that the money is credited in the pensioners’ account on time. The pension amount should be credited to the beneficiary’s bank account on or before the last working day of every month.
It was also said that in the case of the month of March, pension can be credited on or after April 1. The EPFO also said that, 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 to the pensioners’ accounts.
“Keeping in view the above instructions for strict compliance, all the offices are advised to issue necessary guidelines to the pension disbursing banks under their respective jurisdictions so as to ensure proper compliance of the above,” the EPFO circular said. implementation can be ensured.
What is EPS?
All employees who are eligible to contribute to EPF are eligible for EPS. Enrollment in EPS is mandatory for employees receiving basic salary and DA of Rs 15,000 or less. EPS ensures that private sector employees get pension after they reach the age of 58 years. Employees and employers each contribute 12% of the basic salary of the employee to the EPF. While the entire employee’s share is contributed to EPF, 8.33% of the employer’s share goes to EPS.
first published:Jan. 18, 2022, 12:56 p.m.
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