25 lakh registered pensioners in six districts of region

72,664 pensioners in the district: 19,000 registered establishments

VAIBHAV PARWAT

Chhatrapati Sambhajinagar: The Employees Pension Scheme-1995 (EPS-95), which covers six districts of the region, has around 25 lakh account holders in the division with 72,664 pensioners in the Chhatrapati Sambhajinagar district. With approximately 19,000 registered establishments, the monthly payout of the office to pensioners is Rs 12 crore.

The Employees Provident Fund Organisation (EPFO), which operates the scheme, caters to a wide range of establishments, including companies, hotels, educational institutes, sugar factories, contractors, hospitals, and corporate offices in the six districts including Chhatrapati Sambhajinagar, Jalna, Nanded, Beed, Hingoli and Parbhani districts in Marathwada region. With approximately 19,000 registered establishments in the region, the EPFO has become a crucial component of the local economy.

The EPS-95 provides financial support to retired employees and their dependents. The scheme requires the employer to contribute 8.33 percent of the employee's salary to the pension fund, with a matching contribution from the employee. The scheme guarantees a minimum monthly pension of Rs 1,000 for employees who have completed at least 10 years of service.

Monthly pension of Rs 12 crore

The Chhatrapati Sambhajinagar division has been performing exceptionally well in terms of pension payouts. The PF department disburses around Rs 12 crore per month to pensioners in the region, providing crucial financial support to retired employees and their families. With the continued efforts of the EPFO and the government, the scheme is expected to grow and provide even more benefits to the people of the region.

EPS-95 major boost to local economy

The EPS-95 has been a major boost for the local economy, with retired employees using their pensions to support local businesses and industries. The scheme has also helped to create a culture of financial planning and savings among employees, which has led to a more stable and secure workforce.

Digital initiatives, eKYC verification

The EPFO has been working tirelessly to improve the scheme and provide better services to its beneficiaries. The organisation has introduced several digital initiatives, such as online registration and eKYC verification, to make the process more convenient and efficient for employees.