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Ref. No. KLI/22-23/E-BB/1052
A Pension Payment Order (PPO) is a document issued by the government or pension authority detailing the amount and frequency of pension payments to retirees.
Every pensioner covered by the Employees’ Pension Scheme (EPS) is given a specific Pension Payment Order (PPO) number. This 12-digit number is a reference for all communications related to the individual’s pension.
Retirement offers a much-needed relief from the daily grind but can also bring about financial worries. From worrying over monthly expenses to becoming selective about essential purchases, retirement life comes with its share of financial challenges. Fortunately, there is some comfort in the form of a monthly pension that helps reduce financial stress.
The Employee Pension Scheme (EPS), a component of the Employee Provident Fund (EPF), stands out as a pension scheme designed to provide retired individuals with financial assistance. It offers the security pensioners need to enjoy their golden years without financial strain. However, regarding EPS, a term often leaves retirees scratching their heads, i.e., PPO or Pension Payment Order. PPO is a government-issued number that helps track pensioners’ funds and related procedures.
A Pension Payment Order (PPO) is a unique 12-digit number issued to every pensioner under the Employees’ Provident Fund Organisation (EPFO). It contains all the details about your pension, such as the amount of your pension, the frequency of payments, and the mode of payment.
The Employee Pension Scheme (EPS) constitutes a component of the Employee Provident Fund (EPF), managed by the EPFO. Initiated in 1995, EPS aims to furnish financial support and stability to individuals during retirement. This scheme ensures that salaried individuals receive a monthly pension upon retirement age, offering personal benefits and financial security for their families in the event of the pensioner’s passing.
Every month, 12% of an employee’s basic salary and dearness allowance is contributed towards the provident fund (PF) in their EPFO accounts.
Your PPO number is required for all transactions and communications related to your pension. It is a very important document for pensioners and should be kept safely. Here are some benefits of having a PPO:
PPO is a legal document that proves a pensioner’s entitlement to receive the pension. It contains all the important details, such as the pensioner’s name, date of birth, pension amount, and mode of payment.
PPO helps pensioners to track their pension payments. It contains the pensioner’s bank account number and IFSC code, which can be used to check the status of pension payments online or through a bank statement.
PPO is required to make any changes to the pension, such as changing the bank account number, mode of payment, or address.
PPO must avail pension-related benefits, such as travel concessions, medical benefits, and family pensions.
You can get your PPO number by applying for it online through the EPFO’s member sewa portal. You must provide your EPF account number and other basic details to apply for your PPO number. Follow the instructions given below to know your PPO number:
Step 1: Go to www.epfindia.gov.in and log in.
Step 2: Select the Pensioner’s portal under Online Service.
Step 3: A redirect to the “Welcome to Pensioners Portal” will appear. Click the link that says “Know your PPO number” on the right side of the page.
Step 4: Type in your PF number or bank account number.
If you misplace your Pension Payment Order (PPO) number, it is crucial to retrieve it promptly to ensure uninterrupted receipt of pension funds. Follow the steps below to regain your PPO number:
Pension Payment Orders (PPO) are not just random numbers but a lifeline for every retiree covered by the Employees’ Pension Scheme (EPS). It is the key to unlocking the financial security and peace of mind that retirement should bring.
So, as you savor the well-deserved respite that retirement brings, rest assured that your PPO is there to provide the financial support you need to enjoy your golden years without unnecessary financial strain. It is your ticket to a worry-free retirement, so keep it safe and use it wisely.
Features
Ref. No. KLI/23-24/E-BB/1052