Retirement body EPFO (EPFO)An important meeting of is going to be held on 29th and 30th July. In this meeting the central pension distribution system (Central pension disbursal system) A decision can be made about the composition. The benefit will be available to 73 lakh pensioners and the pension can be transferred to everyone’s account all at once. Currently EPFOHas 138 regional offices. All these offices give benefits to the beneficiary in their pension account. In such a situation pensioners get pension on different days and at different times.
According to sources, the news agency PTI will propose a central pension distribution system at the EPFO meeting in late July. The proposal will be put before the Central Board of Trustees (CBT), the apex decision-making body of the EPFO. According to sources, the Central Pension Disbursement System will use data from 138 regional offices and then transfer the pensions simultaneously to the bank accounts of about 73 lakh pensioners.
The data of the regional office will be placed in the central database
According to sources, all the regional offices deal with the needs of pensioners in their area differently. Due to which pensioners are paid their pensions on different days. Held on November 20, 2021 CBTAt its 229th meeting, the trustees approved a proposal by C-DAC to develop a centralized IT-based system. The details of the regional offices will then be transferred to the central database in phases, the labor ministry said in a statement after the meeting. This will make it easier to manage and pay for these services.
PF The hassle of transferring an account will come to an end
EPFO subscribers will get many benefits with the implementation of centralized system. In which no duplication occurs, as well as more than one member PF Once the account is merged, it will become a single account. The hassle of transferring a PF account will also be eliminated if a person changes jobs.
Withdrawal rules from the pension account may change
Sources also said that the Central Board of Trustees may also consider implementing the new rule on withdrawals from the pension account. The EPFO subscriber will be able to easily withdraw from the pension account even if he has contributed less than six months. Under the current rules, a pension can be withdrawn from a pension account only if a subscriber has contributed for six months to 10 years.
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