EPFO Pension: Employees’ Provident Fund Organization i.e. EPFO in its meeting to be held on 29th and 30th July will approve it after considering the proposal for setting up of Central Pension Distribution System. The special thing is that with the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country.
A source told news agency PTI- Bhasha that a proposal for the formation of a central pension distribution system will be proposed 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.
Further quoting the source, the report 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, so that 73 lakh pensioners will be given pension simultaneously.
It was also informed 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 approved the proposal of C-DAC to develop a centralized IT based system. The Labor Ministry had said in a statement after the meeting that thereafter the details of regional offices would be shifted to the central database in a phased manner. This will facilitate the operation and delivery of services.
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.