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Pensioners to receive PF right on the day of retirement
Posted on: 20/Jul/2017 6:45:52 PM
As a move to mark an end to delay in settlement of provident fund, the Provident Fund Organization or EPFO has requested the field offices to settle the final amount right on the retirement day.
Following this move, employers ought to pay out the gratuity amount within 30 days of the date payable to the concerned person.
In a written reply given to the Rajya Sabha, Labor Minister Bandaru Dattatreya said EPFO has directed to all the field officers that the provident fund payments and pension under Employees Provident Fund scheme and Employees Pension Scheme be made on retirement date itself.
He responded to questions raised whether the government will be settling the PF or EPF on retirement day itself.
Furthermore, he said according to the Payment of Gratuity Act, 1972, the employer will be arranging the gratuity within 30 days of the payable date to the supposed recipient of the payment. The country has about 55.51 lakh pensioners.
On acquiring position in 2014, the BJP government has decided to give out the pension payment right on the day of retirement of employees.
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