EPFO Update: Pensioners covered under the Employees’ Provident Fund Organization (EPFO)-governed Employees’ Pension Scheme (EPS) will get their October pension a day or two earlier keeping in mind the Diwali festival on October 31, as per a circular of the pension fund body.

“Keeping in view the upcoming Diwali festivities and associated public holidays, the launch was decided pension for the month of October 2024 to 29 October 2024. This is to ensure that pensioners receive their pensions in advance without any delay and can withdraw their pension on 30 October as 31 October is a holiday,” EPFO circular said.

It also said that it is reiterated that “all field offices will send monthly BRS (Bank Reconciliation Statements) to the banks so that the pension is credited to the account of the pensioners on or before the last working day of the month”.

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Accordingly, all zonal and regional offices are advised to issue necessary instructions to pension paying banks in their respective jurisdiction to ensure implementation of the above, the pension fund body said in its circular.

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“It will be ensured that the BRS is generated by October 25 and sent to the appropriate pension paying banks before October 29, 2024. It must be ensured that in any case the pension will be credited to the account of the pensioners by the 29 October 2024 without fail,” he added.

What is EPS-95 and how does the pension scheme work?

EPS-95 is a social security scheme launched in November 1995 for employees working in the organized private sector across the country. Under the scheme, both employees and their employers contribute. As per EPFO ​​rules, both employee and employer contribute 12% of their basic salary towards PF contribution. While the entire employee contribution is paid to the provident fund, the employer’s share is divided into two parts – 8.33% to EPS and 3.67% to PF. This EPS contribution made throughout the service life of an employee ensures a fixed pension after he retires at the age of 58.

To become eligible for a pension under the EPFO ​​scheme, the employee must contribute to the scheme for at least 10 years. Once one completes 10 years of service, one becomes eligible for a pension as per EPFO ​​rules. Currently, the minimum pension under EPFO ​​is Rs 1,000 and the maximum is Rs 7,500.