Good News: Now Get Your PF On The Day You Retire

न्यूज़ वर्ल्ड इंडिया | 0
| July 20 , 2017 , 19:25 IST

The Employees Provident Fund Organisation (EPFO), in an effort to end the hassle in availing the PF, has asked its field offices to make the final settlement on the day of retirement.

After the retirement caretaker body’s decision, the employers will be required to pay the gratuity amount within 30 days of the date it is payable to the employee.

The Department of Pension and Pensioner's Welfare have already taken a number of steps including the review of forms and simplification of procedures.

Responding to a question whether the government had decided to settle the PF/EPF, Gratuity of retiring on the day of retirement itself, Labour Minister Bandaru Dattatreya, in a written statement said, “Directions have been issued by EPFO to all its field offices to make the payment of provident fund and pension to members of Employees Provident Funds (EPF) Scheme, 1952 and Employees Pension Scheme (EPS), 1995 on the date of retirement itself.”

ALSO READ: China's GDP Grows 6.9 Percent In First Half Of 2017, Crosses India Projections

He said: "As regards settlement of gratuity, as per Payment of Gratuity Act, 1972, the employer shall arrange to pay the amount of gratuity within 30 days from the date it becomes payable to the person to whom the gratuity is payable." There are about 55.51 lakh pensioners in the country.

The BJP government, after coming to power in 2014, had decided to give the pension payment order to an employee on the same day as their retirement.

Announcing the plan, Union minister Jitendra Singh had said, “The goal is to ensure 100 per cent payment of all retirement dues and the delivery of pension payment order to retiring employees on the day of retirement itself.”

ALSO READ: Domestic Air Traffic Grows 20% In June Led By IndiGo