In light of the Diwali 2024 celebrations, the Employees’ Provident Fund Organisation (EPFO) announced an advance disbursement of October pensions under the Employee’s Pension Scheme (EPS).
The pensioners have received their pensions on October 29, 2024, instead of the usual end-of-month date. This advance accommodates the holiday schedule, ensuring that pensioners can access their funds by October 30, as October 31 is a holiday.
According to the EPFO’s circular released, all field offices were instructed to finalize bank reconciliation statements (BRS) so that pensions are credited on time.
Implementation Plan for Timely Payment
The EPFO issued instructions to zonal and regional offices, requiring them to coordinate with pension-disbursing banks within their jurisdictions to confirm that all pension payments are processed efficiently and on time.
Field offices are instructed to submit monthly BRS to banks, allowing pensions to be credited by the last working day of October 2024.
To ensure a smooth process, BRS documents were prepared by October 25 and sent to banks by October 29, leaving no room for delays in pension distribution.
Overview of the Employee’s Pension Scheme (EPS-95)
The Employee’s Pension Scheme (EPS-95) was established in November 1995 to provide financial security for private-sector retirees.
Under this scheme, both employees and employers contribute 12% of the employee’s basic salary towards the Provident Fund (PF), with the employer’s contribution split: 8.33% is allocated to EPS, while 3.67% goes to PF.
This accumulated contribution entitles employees to a steady pension upon retirement at age 58.
The scheme has been a pivotal part of EPFO’s offerings, supporting pensioners with a reliable income stream post-retirement.
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