The pension increase is a gift for 6.5 million pensioners.
In recent years the central government has given added boost to about 6, 5 million pensioners all over the country. Before the Diwali festival, the government has tackled the problem of long-delayed pension funds which many pensioners have experienced.
Tackling Payment Delays
According to the cases reported to the Ministry of Finance’s Central Pension Accounting Office (CPAO), pensioners have expressed their discontent over delayed payment for their monthly pensions. Most pensioners have also testified that they are frequently paid after the month ends and this puts them under undue pressure; moreover, pensions are their only source of income upon retirement in most cases.
Addressing the Concerns
Taking seriously all these complaints, the finance ministry has acted to guarantee that pensions are paid as and when due. The ministry has informed people that all pensions will be paid latest by the last working day of the month. The purpose of this move is in order to help the pensioners who usually experience a lot of difficulties in order to get their payments by getting to a bank or and related department head.
Setting up Central Pension Processing Offices
As a measure of efficiency in managing pensions, The CPAO has established Central Pension Processing Centers (CPPC) in all the banks. The openings of these centers will also warrant the direct crediting of pension funds into the pensioners’ accounts to enhance timely crediting of the money.
A New Directive for Timely Payments
The CPAO on September 20 came out with an official memorandum stating that it has received several complaints regarding the delay in pension payments. The directive underscores that pension amounts should be paid monthly into the pensioners’ accounts before the due date.
great news for those who are really in need of this income as this is there only source to manage there expenses
many thanks to finance minister and the goverment for addressing the grievance and act on time. A diwali gift for senior citizens who no more need to borrow from children or relatives to manage their health expense when they have there own hard earned Monet to manage with .