Check What is PPO and PPO Full form? Also, check how many digits will have in a PPO and what they represent…
Employee Pension Scheme is a government-organized scheme for every employee whose employer registered with the Provident Fund. Every employee who is a part of companies holding more than 20 members is eligible to get their Provident fund account and as well pension account.
What is PPO
PPO full form is the abbreviation of Pensioner Payment Order. The Employee Pension scheme does allocate a 12-digit PPO number to every employee.
The very first 5 digits of the Pension Payment Order are classified to represent the Authority code. This brings notice from which state and department the number allocated.
The very next 2 digits used to identify the year in which the Pension Payment Order issued. After these, the next 4 digits are to represent the PPOs sequential number in allocation. The last digit of the pension payment order may represented as computer check digit.
This may enrolled in the scheme by the employer. This number is unique and used to identify the pension account till the date of retirement. Once an account created, the number remains the same which always helps the employee to check their details and other information quickly.
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- Who allocates the Pension Payment Order for pensioners?
The Pension payment order issued by the employee pension scheme authority, once they get the application to initiate the pension account for the employee along with their provident fund account.
- Do I have to change the Pension Payment order if the state changes?
In this case, the individual who is holding the pension payment order forms a state and moves to the next state due to re-allocation. Even then the PPO number allocated to employee account will be the same and not changed.
- Who can join Employee Pension Scheme?
An individual expect who has joined the Employee provident fund scheme after 2014 September 1st cannot open a pension account through an employee pension scheme whose monthly salary is also more than 15,000 INR.