A complaint arose that the pensioners of the Employees Provident Fund Organisation haven’t received their pension before the last date. For this, EPFO has released a circular.
- In that, it is said that actions will be taken to receive the pension before the last date of the month for the pensioners.
- Also, pension money will be sent to the respective banks prior to two days of the pension date.
- So, it is instructed to all the PF office and banks to follow the norms respectively.
- Every month pensioners will receive their money before the last date, says EPFO.
If the banks fail to provide the pension on the date, banks must pay the penalty of 8% of the rate of interest per annum for the dues. This is the rule of RBI.
This penalty amount will be transferred directly to the bank account of the pensioners.
So EPFO has given a great solution to the suffering of the pensioners. Hereby they will receive the penalty amount if the pension is delayed.