Cash News
The Union Finance Ministry has issued a directive to banks that central government pensioners should receive their pensions by the last working day of each month, with specific provisions for March payments. The ministry clarified that the notification has been issued to ensure timely disbursement of pensions and family pensions.
The Ministry issued an Office Memorandum last month expressing concerns regarding ongoing delays in pension payments, causing stress for pensioners.
According to the guidelines outlined in the ‘Scheme for Payment of Pensions to Central Government Civil Pensioners by Authorised Banks’, banks are required to credit payments to pensioners’ accounts by the last working day of each month, except for March when payments should be made on the first working day of April. The memorandum emphasized the importance of timely payments to pensioners and family pensioners to avoid unnecessary stress and financial strain.
Concerns have been frequently expressed by pensioners regarding the timeliness of receiving their monthly payments, resulting in financial strain and anxiety.
The ministry said it acknowledges these issues and wants to reassure pensioners that any delays in payment processing will not be accepted. Banks have been directed to strictly follow the timelines specified in the guidelines provided.
“The delay in credit of pension/family pension has been viewed very seriously. The CPPCs are hereby instructed to ensure that the monthly pension/family pension is credited in the pensioner’s/family pensioner’s account every month as per prescribed timelines. Any delay, in credit of pension/family pension beyond prescribed timelines, will be viewed very seriously and necessary action, as deemed fit, will be taken,” it stated.
In order to maintain compliance, it is imperative that banks’ Centralized Pension Processing Centers (CPPCs) submit an electronic report confirming the crediting of pensions by the morning of the last working day each month. This report serves as a tool for monitoring the punctual allocation of funds.
The objective of this directive is to enhance the experience for pensioners by ensuring that their entitlements are promptly received without any undue delays. The government remains dedicated to resolving such issues and enhancing the efficiency of the pension disbursement process.