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EPS Pension Disbursal Rule Changed: Here’s When You Will Receive Your Pension

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In accordance with the EPFO circular dated January 13, 2022, EPS'95 pensioners will receive pension amount on the last working day of the month. The pension administering body has tied up with several pension disbursing banks for credit of pension to its pensioner. Current bank agreement with pension disbursing banks states that: "Pension will be credited on the 1st working day of the month to which the pension relates or in any case not later than 5th day of the month".

 
EPS Pension Disbursal Rule Changed: Here’s When You Will Receive Your Pension

However, it has been observed that payment of pension to pensioners are not credited in the account on due date as a result of which EPS pensioners face difficulties.

Addressing the issue, the circular mentioned that, "The matter has been reviewed by Pension Division and keeping in line with RBI instructions, it has been decided that all field offices may send the monthly BRS to banks in such a way that pension gets credited to pensioners account on or before last working day of the month (except for the month of March that shall continue to be credited on or after 1st April). Further, it may simultaneously be ensured that actual pension is sent to pension disbursing banks not earlier than two days before it is to be credited in pensioners' accounts".

"Accordingly, while taking note of the above instructions for strict compliance, all offices are advised to issue necessary guidelines / directions to pension disbursing banks under their respective jurisdiction to ensure proper implementation of the above", added the circular.

GoodReturns.in

Read more about: pension epfo eps
Story first published: Wednesday, January 19, 2022, 15:41 [IST]
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