This is good news for employees working in the private sector. Now EPFO (Employees Provident Fund Organization) has taken better initiative for the future financial security of these employees. In this scheme, whichever employee retires on that day, his pension will be ready from the same day and will be started.
This system is considered a big change for the employees as it usually takes months for a government or private employee to get a systematic pension after retiring. The paperwork goes on for a long time and after a complicated exercise, the pension order is formed. But now this will not happen. Now the employee will get the benefit immediately.
On September 30, the employees who retire will get all the papers related to their pension on the same day. September 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.
The private sector often retires it employees at the 58 age of years. However, after this the salary is received in the next month and other process is also done later. Due to this, it used to take more than one to two months to start pension. For this, the employees had to run after the retirement. Now after this new initiative, all their problems will be eradicated.
The department has arranged that EPF contribution and other paperwork should be completed in the same month after discussing with the company in which the employee is going to retire. For this, talks have been held with companies whose employees are going to retire this month. These companies have already agreed to pay salaries. Representatives from employees to the company are also welcoming this arrangement introduced by the department.
Employees will get relief
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.
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