The Employees' Provident Fund Organisation (EPFO) disburses monthly pension to over 65 lakh pensioners every month under the EPS.
Retirement fund body EPFO on Monday said it has issued directions for timely credit of monthly pension to over 65 lakh employees’ pension scheme (EPS) beneficiaries amid the coronavirus outbreak. The Employees’ Provident Fund Organisation (EPFO) disburses monthly pension to over 65 lakh pensioners every month under the EPS.
“Due to the coronavirus pandemic, lockdown has been declared in various parts of the country. In order to ensure that no inconvenience is caused to the pensioners on account of the prevalent situation, the Central Provident Fund Commissioner (CPFC) has directed (over 120) field offices of the EPFO to generate and reconcile pensioners’ details and pension amount statements for the current month by 25th March, 2020,” a statement by the labour ministry said.
The CPFC has also directed that the pension should be forwarded to the banks in advance so that the monthly pension is credited into the account of the pensioners in time, during March itself. The EPFO runs three social security schemes — EPS, Employee’ Provident Fund and Employees Deposit Linked Insurance. It has over six crore subscribers who get the benefit of provident fund, group insurance and pension.