There is a good news for the pensioners of the Employee Pension Scheme or EPS. Now the pension of EPS pensioners will reach their pension account by the last date of the month. It came to the notice of Employees’ Provident Fund Organization (EPFO) that payment of pension to EPS pensioners is not credited to the account on due date. As a result, pensioners are facing difficulties. At present, the amount of pension in the account of EPS pensioners is usually deposited very late at the beginning of the month. This troubles them a lot.
Ensure strict compliance of instructions
“In addition, it may also be ensured that the pension disbursing banks are sent to the pension disbursing banks not more than two days before the credit to the pensioners’ accounts,” the EPFO said in the circular. “Keeping in view the above instructions for strict compliance, all the offices are advised to issue necessary guidelines/instructions to the pension disbursing banks under their respective jurisdictions to ensure proper implementation of the above instructions. To be.”
What is EPS
The Employees’ Pension Scheme, 1995 (EPS) was started in order to enable the employees working in the organized sector of the private sector to get the benefit of monthly pension after retirement. Under the EPF Scheme, 1952, out of the 12 per cent contribution made by the employer to the employee’s EPF, 8.33 per cent goes to EPS. However, the maximum monthly contribution to EPS has been fixed at Rs 1250. After the age of 58, the employee can get the benefit of monthly pension from the EPS money. The government also contributes to the pension account of the employee.
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