EPFO Latest Update: An important meeting of the Employee Provident Fund Organization is going to be held on 29th and 30th in the last week of July. It is believed that in this meeting, approval can be given for the formation of the Central Pension Disbursal System.
An important meeting of the retirement body EPFO is going to be held on 29 and 30 July. In this meeting, a decision can be taken regarding the formation of the Central Pension Disbursal System . 73 lakh pensioners will get the benefit of this and pension can be transferred to everyone’s account simultaneously. At present EPFO has 138 regional offices. All these offices give benefit to the beneficiaries in their pension account according to their own. In such a situation, pensioners get pension on different days and at different times.
According to information received from sources by news agency PTI, a proposal to set up a Central Pension Disbursal System will be proposed in the EPFO meeting to be held at the end of July. The proposal will be placed before the Central Board of Trustees (CBT), the apex decision-making body of the EPFO. The source said that the Central Pension Disbursal System will use the data of 138 regional offices and then the pension will be released in the bank accounts of about 73 lakh pension beneficiaries simultaneously.
The data from the regional office will be put into the central database
The source said that all the regional offices deal with the needs of the pensioners of their area differently. With this, pensioners are able to pay pension on different days. In the 229th meeting of the CBT held on November 20, 2021, the trustees approved the proposal for development of a centralized IT based system by the C-DAC. The Labor Ministry had said in a statement after the meeting that after this the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and supply of services.
The hassle of transferring PF account will end
With the implementation of the centralized system, EPFO subscribers will get many benefits. With this there will be no duplication, as well as multiple PF accounts of one member will become a single account after merger. If someone changes jobs, then the hassle of transferring PF account will also end.
Rules may change regarding withdrawal from pension account
The source also told that the Central Board of Trustees may also consider implementing a new rule regarding withdrawal from the pension account. Under this, the EPFO subscriber can easily withdraw from the pension account if he has contributed less than six months. As per the current rules, if a subscriber has made a contribution for a period of six months to 10 years, the same can be withdrawn from the pension account