New Norms to Check Delay in Pension Payments Issued

An employee can now send an undertaking directly to the bank to ensure quick disbursal of pension in his or her account, according to the new guide lines by the government.The government has decided that the requisite undertaking may be obtained from the head of the office by the retiring employee and forwarded to the pension disbursing bank along with pension payment order (PPO), the ministry of personnel said in a release issued on Wednesday.The bank shall credit the pension into the pensioner’s account as soon as this undertaking is received along with the pension documents, it said. This change in procedure has an added advantage that the PPO can now be handed over in person to the retiring employee along with other retirement dues, Earlier, the pensioner had to approach the bank for PPO, the ministry said. With this change in rules ¬†and procedures, the pensioners would be saved considerable inconvenience and delay as one retires , the release added.
SOURCE-THE ECONOMIC TIMES NEW DELHI 19 JUNE 2014 PAGE 13