Pension To Be Settled On Retirement Day Itself

In a major development, the Employees’ Provident Fund Organisation (EPFO) has announced to settle pension funds on the day of retirement of the employee instead of waiting for months and years.

The announcement came from the labour minister who stated that members of the Employees’ Provident Funds (EPF) Scheme, 1952, and the Employees’ Pension Scheme (EPS) will get payment of the provident fund and pension on the retirement day itself. The government has even issued proper guidelines to the field offices so that the employees do not face any difficulties to get the amount instantly.

The minister even guided revised terms for the gratuity payments. He added that the employer should make the payment of gratuity within 30 days from the date it becomes payable to the beneficiary under the Payment of Gratuity Act, 1972.

Apart from this, EPFO has even provided other benefits to its over four crore subscribers. The initiatives include the facility for the users to withdraw up to Rs 50,000 for treatment of illness and the provision of loyalty-cum-life. The subscribers are even allowed to withdraw 90% of the PF amount to purchase homes.

Currently, there are 55.51 lakh pensioners and 48.85 lakh Central government employees in the country.

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