New Delhi: Retirement fund body EPFO in its meeting on July 29 and 30 will consider and approve a proposal to set up a central pension distribution system, paving the way for credit of benefits to the bank accounts of over 73 lakh pensioners across India. Will happen. , At present, more than 138 regional offices of Employees’ Provident Fund Organization (EPFO) distribute pension separately to the beneficiaries of their area. Thus, pensioners of different regional offices are getting pension at different times or days.
“The proposal to set up a central pension distribution system will be placed in the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, in its meeting to be held on July 29 and 30,” a source told PTI. (Also Read: Gold Rate Today, July 10: Gold Rate As It Is, Check Gold Rate In Delhi, Patna, Lucknow, Kolkata, Kanpur, Kerala And Other Cities)
The source further said that the disbursement of pension would be done using the central database of over 138 regional offices in the country and this would facilitate credit of benefits in the bank accounts of more than 73 lakh beneficiaries in one go. (Also Read: Filed ITR for AY 2022-23? Top 5 Things to Keep in Mind While Filing Income Tax)
The source said that all the regional offices provide different services to the pensioners in their respective regions and hence pensioners across the country get pension at different times or days.
In the 229th CBT meeting held on November 20, 2021, the trustees had approved the proposal for development of a centralized IT-enabled system by C-DAC.
The Labor Ministry, in a statement after the meeting, had said that thereafter the functioning of the sector would proceed in a phased manner on a central database, which would enable smooth operation and better service delivery.
The centralized system will facilitate de-duplication and merger of all PF accounts of any member. This will remove the need for transfer of account on change of job, he had said.
The source said that the CBT will also consider and approve a proposal to allow withdrawal of deposits from pension accounts by those subscribers who have contributed for less than six months. At present, only those subscribers are eligible for withdrawal from their pension accounts who have contributed for six months to 10 years.