Outlook Money
Employees can submit the necessary papers six months in advance so that EPFO has ample time to process them for Pension Payment Orders (PPOs).
It aims to eliminate the need for retirees to visit the PF office, as employers can handle the necessary paperwork while employees are still working.
Retirees receive their PPOs on their superannuation day, minimising uncertainty and unnecessary delays in pension payments.
By integrating the submission and processing of retirement documents, the scheme simplifies the process for both employees and employers.
With timely receipt of PPOs, retirees can better plan their finances and post-retirement life without delays or interruptions in their pension payments.
Compiled By Himani Verma