The Employees’ Provident Fund Organisation (EPFO) has credited August pensions to 4,40,901 pensioners in Kerala amid the harvest Onam festival celebrations, PTI reported.<\/p>\n
According to a statement from the Labour Ministry, the amount is usually disbursed at the end of the month under the Employees’ Pension Scheme (EPS<\/a>), 1995, but this time special arrangements were made to enable \u201cpensioners and their families to meet their financial requirements and celebrate the festival without inconvenience\u201d.<\/p>\n Early credits were conducted on Wednesday, 26 August, through the retirement <\/a>fund body’s Centralised Pension Payment System (CPPS), which facilitates direct transfer of pension to beneficiary bank accounts across the country.<\/p>\n \u201cThe EPFO remains committed to ensuring timely delivery of social security benefits and strives to improve pension services through technology-enabled initiatives and citizen-centric reforms,\u201d it added.<\/p>\n Pension benefit for EPFO members: Key things to know<\/p>\n The EPFO provides pensions for all subscribers who have an account with it for more than 10 years. This is because of the 12% employer contribution to your EPF account, 8.33% is directed towards a pension <\/a>fund administered by retirement body. At time of retirement, members can withdraw their PF amount in full and maintain annuity in the pension scheme by availing a Scheme Certificate (i.e. by submitting Form 10C).<\/p>\n According to the Employees\u2019 Pension Scheme 1995 (EPS 1995), all EPF members are eligible for pension when they reach 58 years of age. You can also choose to delay pension payments till you reach 60 years of age, by choosing to, either:<\/p>\n Pension is disbursed monthly to eligible members or beneficiaries (through banks \/ post offices). This includes superannuation <\/a>pension, early pension, family pension, orphan \/ widow pension, and disablement pension. Notably, disbursement ensured even if employer defaults, as EPFO guarantees benefit once membership conditions are met.<\/p>\n Submission of life certificate mandatory<\/p>\n Physical Life Certificate is to be submitted to the bank through which the pension is being paid. Failure to submit Life Certificate<\/a> after one year will result in stoppage of pension after 12 months from the date of submission of last Life Certificate or sanction of pension in case of new Pensioners.<\/p>\n In place of physical life certificate \u2018Digital Life Certificate\u2019 (DLC) has been introduced since FY16 and pensioners can use their Aadhaar number to submit the DLC. The facility to submit DLC is available in \u2018Common Service Centers\u2019 (CSCs), branches of Pension Disbursing Banks, post offices\u2019 across India and the PF offices.<\/p>\n Check passbook using SMS, missed call, agent<\/p>\n\n