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Last Updated: July 11, 2022, 12:59 IST

EPFO likely to consider a proposal to set up a central pension disbursal system

Big Update for Pensioners: This new system will help to credit the financial benefits into the bank accounts of over 73 lakh pensioners at one go

Good news for pensioner! Employees’ Provident Fund Organisation (EPFO) is planning to set up a central pension disbursal system. The retirement fund body is likely to discuss the proposal in a meeting scheduled on July 29 and 30, sources told news agency PTI. This move is expected to benefit over 73 lakh pensioners,

Currently, there are over 130 regional offices of EPFO, spread across the country. These offices disburse pensions to the eligible pensioners of a particular region on a previously fixed date. Hence, the time of receiving pensions into the bank accounts of the beneficiaries, vary from one region to another. Under a central pension disbursal mechanism, lakhs of pensioners will get their money at one go. To implement a the new system, all the data from the regional offices will be collated under a central database and it will help to credit the financial benefits into the bank accounts of over 73 lakh pensioners.

Last year, the Union ministry of labour and employment had approved a proposal to develop a centralised IT-enabled systems by C-DAC. The field functionalities will move on a central database in a phased manner enabling smoother operations and enhanced service delivery, the ministry had mentioned earlier.”The centralised system will facilitate de-duplication & merger of all PF accounts of any member. It will remove the requirement of transfer of account on change of job,” it added.

Earlier in June, department of pension & pensioners’ welfare (DoPPW) said that it will collaborate with the State Bank of India (SBI) to create an integrated pension portal to enhance ease of living of pensioners. It was decided that immediate efforts are needed for the creation of an integrated pension portal by linking the existing portals of the DoPPW and the SBI to provide seamless services to pensioners, according to the statement released by the ministry. Digital life certificate and face authentication technology would be a game changer for pensioners and banks in the submission of life certificates, it said.

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