EPFO Pension Plan: Now money will reach the account of 73 lakh pensioners simultaneously, know what EPFO ​​is preparing

EPFO Pension Plan: EPFO ​​will consider the Central Pension Distribution System in its meeting to be held on July 29-30. At present, 138 regional offices of EPFO ​​transfer pension to the accounts of the beneficiaries of their area. After the new system is made, 73 lakh pensioners will get their pension in one go. The details of regional offices will be transferred to the central database in a phased manner.

Employees’ Provident Fund Organization (EPFO) in its meeting to be held on July 29 and 30 will approve it after considering the proposal for setting up of Central Pension Distribution System (EPFO Pension Plan). With the establishment of this system, pension will be transferred in one go to the accounts of 73 pensioners across the country. At present, 138 regional offices of EPFO ​​transfer pension to the accounts of the beneficiaries of their area. In such a situation, pensioners get pension on different days and times.

A proposal to set up a central pension distribution system would be taken up in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a source said. The source said that after the installation of this system, the distribution of pension will be done on the basis of the database of 138 regional offices. With this, 73 lakh pensioners will be given pension simultaneously.

The source said that all the regional offices deal with the needs of the pensioners of their area differently. This allows pensioners to be paid pension on different days. In the 229th meeting of the CBT held on November 20, 2021, the Trustees had approved the proposal for development of a centralized IT based system by C-DAC.

The Labor Ministry said in a statement after the meeting that thereafter the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and delivery of services.