Employees Pension Scheme Latest News: There is good news for the EPS 95 pensioners as now pension will get credited in their bank account on or before the last working day of the month instead of the 1st working day of the month. 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”. 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.
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 statement 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.
EPFO has executed agreements with numerous pension disbursing banks for credit of pension to its pensioner. Further, RBI regularly issues guidelines and directions to pension disbursing agencies for crediting pension by the banks. The provisions on pension disbursement by EPFO has by and large been modeled on RBI circulars issued from time to time.
All pensioners of Employees’ Pension Scheme 1995 (EPS’95) are required to submit Jeevan Pramaan Patra (JPP) or the Digital Life Certificate (DLC) each year to continue drawing pension. The Employees’ Provident Fund Organization (EPFO) has already facilitated multiple options for EPS pensioners to submit their DLC. As per new guidelines, EPS pensioners can now submit DLC at any time during the year, as per their convenience. The life certificate will remain valid for one year from the date of submission of DLC.