Retirement fund physique EPFO will take into account and approve a proposal for organising a central pension disbursal system in its assembly on July 29 and 30, paving the way in which for crediting the profit into over 73 lakh pensioners’ financial institution accounts in a single go throughout India.
Presently, over 138 regional places of work of the Employees’ Provident Fund Organisation (EPFO) disburse pensions to beneficiaries of their area individually. Thus, the pensioners of various regional places of work are getting pensions at completely different occasions or days.
“A proposal for setting up a central pension disbursal system will be placed in the EPFO’s apex decision making body Central Board of Trustees (CBT) in a meeting scheduled on July 29 and 30,” a supply advised PTI.
The supply additional acknowledged that the pension could be disbursed utilizing a central database of over 138 regional places of work within the nation and this may facilitate crediting the profit into financial institution accounts of over 73 lakh beneficiaries in a single go.
The supply defined that every one regional places of work cater to the pensioners of their areas individually and that’s the reason pensioners throughout the nation get pension on completely different occasions or days.
In the 229th assembly of the CBT held on November 20, 2021, the trustees had accepted the proposal for growth of centralized IT-enabled techniques by C-DAC.
The labour ministry had acknowledged in a press release after the assembly that publish this, the sphere functionalities will transfer on a central database in a phased method enabling smoother operations and enhanced service supply.
The centralized system will facilitate de-duplication & merger of all PF accounts of any member. It will take away the requirement of switch of account on change of job, it had mentioned.
The supply mentioned that the CBT may also take into account and approve a proposal to permit withdrawal of deposits from pension accounts by subscribers who’ve contributed for lower than six months.
Presently, solely these subscribers are eligible for withdrawal from their pension accounts who’ve contributed for six months to 10 years.
Source: www.financialexpress.com”