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.
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