Last Updated: July 11, 2022, 14:16 IST
EPFO probably to contemplate a proposal to arrange a central pension disbursal system
Big Update for Pensioners: This new system will assist to credit score the monetary advantages into the financial institution accounts of over 73 lakh pensioners at one go
Good information for pensioner! Employees’ Provident Fund Organisation (EPFO) is planning to arrange a central pension disbursal system. The retirement fund physique is probably going to focus on the proposal in a gathering scheduled on July 29 and 30, sources instructed information company PTI. This transfer is anticipated to profit over 73 lakh pensioners,
Currently, there are over 130 regional workplaces of EPFO, unfold throughout the nation. These workplaces disburse pensions to the eligible pensioners of a selected area on a beforehand fastened date. Hence, the time of receiving pensions into the financial institution accounts of the beneficiaries, differ from one area to one other. (*73*) a central pension disbursal mechanism, lakhs of pensioners will get their cash at one go. To implement a the brand new system, all the information from the regional workplaces can be collated beneath a central database and it’ll assist to credit score the monetary advantages into the financial institution accounts of over 73 lakh pensioners.
Last 12 months, the Union ministry of labour and employment had authorised a proposal to develop a centralised IT-enabled techniques by C-DAC. The discipline functionalities will transfer on a central database in a phased method enabling smoother operations and enhanced service supply, the ministry had talked about earlier.”The centralised system will facilitate de-duplication & merger of all PF accounts of any member. It will take away the requirement of switch of account on change of job,” it added.
Earlier in June, division of pension & pensioners’ welfare (DoPPW) stated that it’s going to collaborate with the State Bank of India (SBI) to create an built-in pension portal to improve ease of dwelling of pensioners. It was determined that rapid efforts are wanted for the creation of an built-in pension portal by linking the prevailing portals of the DoPPW and the SBI to present seamless companies to pensioners, in accordance to the assertion launched by the ministry. Digital life certificates and face authentication know-how can be a recreation changer for pensioners and banks within the submission of life certificates, it stated.
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