EPFO Update: Pensioners under the Employee Pension Scheme (EPS) managed by the Employees’ Provident Fund Organization (EPFO) will receive their pension for the month of October a day or two in advance in view of the Diwali festival on October 31. According to the circular of the pension fund body.

“Considering the upcoming Diwali festivities and related public holidays, pension It is dated October 29, 2024 and relates to the month of October 2024. In this way, it is aimed for retirees to receive their pensions in advance without any delay and to withdraw their pensions on October 30, since October 31 is a holiday. EPFO said the circular.

It was also reiterated that “all field offices must send monthly BRS (bank reconciliation statements) to banks ensuring that pensions are deposited into retirees’ accounts on or before the last business day of the month.”

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Accordingly, the circular of the pension fund body stated that all regional and territorial offices are advised to issue necessary instructions to pension paying banks within their jurisdiction to ensure implementation of the above.

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“BRS will be created by October 25 and sent to the relevant pension banks before October 29, 2024. In any case, it should be ensured that the pension is deposited into the retirees’ accounts by October 29, 2024, he added.

What is EPS-95 and how does the retirement plan work?

EPS-95 is a social security scheme launched in November 1995 for employees working in the private organized sector across the country. Both employees and their employers contribute within the scope of the program. As per EPFO ​​rules, both employee and employer contribute 12% of basic salary towards PF contribution. While the employee’s entire contribution is paid to the provident fund, the employer’s share is divided into two parts: 8.33% for EPS and 3.67% for PF. This EPS contribution over an employee’s entire period of service ensures a fixed pension upon retirement at age 58.

To be eligible for retirement under the EPFO ​​scheme, the employee must contribute to the scheme for at least 10 years. After completion of 10 years of service the person is eligible for pension under EPFO ​​rules. Currently, the minimum pension under EPFO ​​is fixed at Rs 1,000 while the maximum is fixed at Rs 7,500.