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Where can pensioners get information regarding any changes in pension?
Click here to visit the website of Reserve Bank of India.
Pensioners get Pension Payment Order (PPO) which are forwarded by the concerned pension sanctioning authorities in the Ministries/ Department/ State Government to the Central Pension Processing Centres (CPPC) of Banks. The pensioners draw their pensions on that PPO received by them.
The pensioners need to retain the half portion of the Pension Payment Order (PPO) with him for record. If there is any change in the basic pension or Dearness Relief he has to visit the branch from where he receives his pension. The bank officials record the changes of the government order / notification regarding pension in the PPO and returns it back to the pensioner.
If the government revises the Dearness Relief and adds any additional relief to it then it intimates the same to the agency banks. The banks passes on the instructions to their pension paying branches without making any delay to provide the relief to the pensioners at the revised rate.
In case, a pensioner does not receive his pension or any additional relief on top of Dearness Relief provided by the government on time then he is liable to get a compensation for such delayed payment.
Click here to read how is pension income treated for computing tax?
The compensation for delayed payment is fixed at of 8 percent interest rate. The same will be credited to the pensioners account by the bank. It will be credited on the same day when the bank can afford to make the delayed credits or arrears. The pensioners need not make any claim to the bank for the arrears as the banks automatically credit the payment to the pensioners.
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