The Hindu : Andhra Pradesh / Visakhapatnam News : Pension claims to be settled through NEFT

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Wednesday, Apr 27, 2011
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Andhra Pradesh

Andhra Pradesh - Visakhapatnam

Pension claims to be settled through NEFT

Staff Reporter

VISAKHAPATNAM: The Employees' Provident Fund Account (EPFO) has appealed to all pensioners in Visakhapatnam, Vizianagaram and Srikakulam districts, drawing pension through EPFO, to furnish the CBS Bank account number and their mobile number for enabling the payment of pension through National Electronic Fund Transfer (NEFT).

The EPFO Sub Regional Office here disburses pension to around 60,000 pensioners through various banks and post offices in the three districts that are under its jurisdiction. A proposal has been made to extend the CBS/NEFT facility to EPF pensions also for quick and accurate credit of pension amounts to pensioners, according to Regional PF Commissioner Ajeet Kumar.

The EPFO has already introduced payment of benefits through electronic transfer for the payment of EPF settlement benefits. The implementation of the NEFT system has resulted in substantial reduction in the time lag between the settlement of claim and crediting the proceeds into the member's account. The amounts are being credited to the member's account within two days of the claim authorisation.

The Commissioner appealed to all employers/employees covered under the EPF and MP Act, 1952, to extend their cooperation to make the settlement of EPF Pension claims through e-payment a success.

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Andhra Pradesh