The Employees’ Provident Fund Organisation (EPFO) has announced that pensioners under the Employee’s Pension Scheme (EPS) will receive their pension for the month of October in advance on October 29 due to Diwali festivities. This will ensure timely payment without any delay and helps pensioners to withdraw their funds on October 30. The EPS-95 scheme was launched in 1995 for employees in the private organised sector, where both employers and employees contribute towards the provident fund for a fixed pension after retirement.
EPFO Announces Advance Pension Payment for Diwali Festivities
The Employees' Provident Fund Organization (EPFO) has announced that pensioners under the Employee's Pension Scheme (EPS) will receive their October pension in advance on October 29th, 2023, due to the upcoming Diwali festivities.
Background of the EPS-95 Scheme
The EPS-95 scheme was introduced in 1995 for employees in the private organized sector. It is a contributory pension scheme where both employers and employees contribute a specified percentage of their monthly salary towards the provident fund. Upon retirement, employees receive a fixed pension based on their contributions and years of service.
Advance Pension Payment
The advance pension payment for Diwali is intended to ensure timely payment of pensions for pensioners. It also allows pensioners to withdraw their funds on October 30th, giving them ample time to prepare for the festival expenses.
FAQs
1. Who is eligible for the advance pension payment? All pensioners under the EPS-95 scheme are eligible for the advance pension payment.
2. When will the advance pension be credited? The advance pension will be credited to pensioners' accounts on October 29th, 2023.
3. Can pensioners withdraw their pension before October 30th? No, pensioners can only withdraw their pension on or after October 30th, 2023.
4. Will there be any delay in pension payment for November? No, pension payment for November will be released on the regular schedule.
5. How much will the advance pension be? The advance pension will be equivalent to the regular monthly pension amount.
Conclusion
The EPFO's decision to release the EPS pension in advance for Diwali is a welcome move that will provide pensioners with financial security and flexibility during the festive season. The advance payment also highlights the EPFO's commitment to ensuring timely and hassle-free pension distribution to its members.
Maruti Suzuki's upcoming Dzire model is not only making headlines for its exceptional safety features and perfect 5-star rating from Global NCAP, but also for its impressive acceleration figures revealed in a recent video. It boasts a powerful 1.2-litre petrol engine and will come with both manual and AMT transmission options. Bookings for this highly anticipated car have already begun at an initial amount of Rs 11,000.
As Diwali approaches, customers of the Punjab State Cooperative Bank are in for a treat with the announcement of zero processing charges on all major loans. This festive offer, introduced by Chief Minister Bhagwant Singh Mann, is aimed at stimulating economic activity and enabling customers to celebrate the upcoming festivals without any financial burden. The offer will be valid for a limited period from October 15 to November 15, 2024 and applies to personal, consumer, and vehicle loans at all 18 branches of the bank in Chandigarh. With this initiative, the state government is reaffirming its commitment to boost the cooperative sector and provide affordable financing options to its citizens.
The launch of the new Maruti Suzuki Dzire has sparked speculation among Indian buyers that it may surpass Tata Motors in safety standards. The Dzire earned a 5-star rating for adult safety and 4-star rating for child safety by the Global NCAP, breaking the company's own record. On the other hand, Tata's Punch and Nexon became India's first vehicles to receive 5-star Bharat-NCAP certification, scoring higher than Dzire's total score of 70.44/83 points for adult and child safety. With safety becoming a major factor in car purchases, this competition between two giants in the Indian auto industry is sure to catch the attention of consumers.
The Institute of Banking Personnel Selection (IBPS) has announced the scores for the CRP-RRBs-XIII-Officers Scale I, II and III exams on their official website. Candidates can now check and download their scorecards using their registration number and password. The results will be available for download till November 15, so candidates are advised to check their scores and save the result for future reference. Follow the simple steps given on the official website to access the results.
The highly anticipated launch of the new Maruti Suzuki Dzire has been making headlines, with its impressive 5-star rating for adult occupant safety and 4-star score for child occupant safety by Global NCAP. This achievement makes the Dzire the first ever Maruti Suzuki car to achieve a perfect 5-star rating. Meanwhile, its main competitor, the Honda Amaze, is yet to be rated by Global NCAP but its previous model received lower ratings for adult and child safety. This comparison between the two compact sedans highlights the Dzire's superiority in terms of safety, making it a top choice among Indian buyers.
MIT Economics professors Daron Acemoglu and Simon Johnson, along with University of Chicago political scientist James Robinson, have been awarded the 2024 Sveriges Riksbank Prize in Economic Sciences for their groundbreaking research on the relationship between political systems and economic growth. Their long-term collaboration has shown that inclusive governments, which prioritize individual rights and the rule of law, foster greater economic activity and sustained technological innovation. This recognition of their work highlights the importance of promoting inclusive political institutions for long-term economic growth.
Maruti Suzuki's popular sedan, the Dzire, is getting a major upgrade with its 4th-generation model set to launch on November 11. The car will boast impressive mileage figures of up to 25.71 kmpl, as well as a 5-star adult occupancy protection rating and 4-star child occupancy protection rating from Global NCAP. The new Dzire will also feature a modern European design and come in seven different color options, along with automatic options on select trims.
In the opening round of the Australian Women's League (ALW), Central Coast Mariners cause a major upset, highlighting the league's potential for success. Fans can subscribe to ERIN SMITH's highlights of the event. Don't miss a moment of the action!
The Solar Energy Corporation of India (SECI) has debarred Reliance Power and its subsidiary Reliance NU BESS Limited from participating in future tenders for the next three years due to a fake bank guarantee submitted by the companies in a recent bid for a battery storage project. SECI has also extended the debarment to Reliance Power and its subsidiaries, citing their close relationship and influence on the bidding process. The move is a significant setback for Anil Ambani's business interests.
In an all-hands meeting, Amazon CEO Andy Jassy addressed concerns over the company's upcoming in-office work policy and management restructuring. He clarified that the decision was not a cost-cutting measure but aimed at strengthening the company's culture and fostering innovation in the rapidly-changing tech industry. However, the policy has faced backlash from some employees, with over 500 signing an internal petition protesting the mandate. Despite this, Jassy reaffirmed the company's commitment to creating a dynamic, non-political work environment. Subscribe to Business Today Magazine for unparalleled coverage of India's businesses and economy.