According to this initiative, whenever an employee retires on the same day, his/her pension will be ready from the same day and will be started. This arrangement is considered to be a big change for employees as it usually takes months for a government or private employee to get an arranged pension after retiring.
The paperwork goes on for a long time and after the complicated exercise, the pension order is formed. But now this will not happen. Now the employees will get their benefit immediately.
Employees who retire on September 30, will receive all the documents related to their pension on the same day. 30 is going to be a grand event at the Employees Provident Fund Organization office in Varanasi, Uttar Pradesh. Employees retiring this month in 10 districts have been called under this office.
EPFO has arranged that PF contribution and other paperwork should be completed in the same month after discussing it with the companies in which the employees are going to retire this month.
This new system is going to be started in the interest of employees. Now the pension initiative is going to start on 30th September from the same day. All preparations for this have been completed. This would not require employees working in private companies to wait for pension.
Courtesy Sightsinplus
