EPFO made another change now and it is about settling pension benefits of employees. Recently EPFO or Employees Provident Fund Organisation clearly stated that all field offices must quickly settle pension claims. Even settling gratuity process will happen on retirement day only. Thus it will become easy for people to get retirement pension benefits.
Field office to settle pension benefits of employees
Authorities directed all field offices to settle pension benefits of employees only on day of retirement. And this rule will be applicable from now on. Even Labour Minister Bandaru Dattatreya specified many things about settling claims. Mr. Dattatreya said that EPFO issued statements to all field offices.
Moreover according to the statements field offices must make payment of both Provident Fund and Pension to EPF members and EPS members. While EPF full form is Employees Provident Fund Scheme of 1952. On other hand EPS full form is Employees Pension Scheme of 1995. You can also know more about housing subsidy for EPFO subscribers.
Settlement of gratuity
There is an act for settlement of gratuity. And this is Payment of Gratuity Act of 1972. According to this Act employer must arrange gratuity amount in 30 days from when it is payable. This is what even Labour Minister Dattatreya announced.
He added some more points that people must follow these rules as it is best thing to do for all. Apart from this in June of 2014 Indian Government decided to give pension payment as early as possible. As a result of this decision all pensioners would get pension payment order on their retirement day itself.
Decision on employee pension settlement
However it seems that this decision may happen soon. On other hand there are total 55. 51 lakh pensioners in India. While there are 48. 85 lakh Central Government employees. So that is why Indian Government is thinking a lot before taking any step. It is so because this decision is going to affect many people.
Labour Minister, Bandaru Dattatreya’s statement
Mr. Bandaru Dattatreya, Labour Minister finally asked all field offices to start working for settlement of pension claims. Minister Dattatreya also said that retirement body fund EPFO personally specified new rules to all field offices.
Therefore field offices will start settling employees pension benefits and gratuity on retirement day only. In this way every person benefits from different changes. In addition it is now simple process to claim your EPF fund with Aadhaar card online. However for this you follow some rules. You can also read article on claim EPF to know more about it.