New Delhi: Employees Provident Fund Organization (EPFO) has completed 70% of applications, which receives a higher wage (POHW) on pensions, aims to complete the processing of all applications by March 31, 2025, according to a formal statement issued on Wednesday.
This information is provided by the EPF Executive Committee (EC) EPF Executive Committee (EPF) and is chaired by Minister of Labor and Employment Sumita Dawra.
The Executive Committee directed the EPFO to speed up cases of members who have deposited the required amount, including a large number of PSUs, the statement said. The higher wage pension scheme is being implemented under the Supreme Court’s decision on the issue.
To provide its members with an easy-to-live purpose, EPFO is also developing plans to simplify the handling of claims, including rationalizing verification of partial withdrawals. Updates on progress are also provided. The statement said the Technical Committee recommended simplifying the verification of Form 31 to withdraw money in advance.
The EC formally adopted a unified pension plan for EPFO officials and employees at the meeting, consistent with the recent gazette notice issued by the Ministry of Finance. This marks an important step in establishing a structured and secure pension framework for EPFO employees covered by the National Pension System (NPS).
Effective from April 1, 2025, UPS provides minimum guaranteed pensions after ensuring financial security after retirement, as well as other benefits such as family pension regulations and respected adjustments. EPFO officials and staff now have the option to transition from NPS to UPS.
The Executive Committee further informed that the centralized pension payment system (CPP) was implemented in all regional offices in January 2025. The new system enables pensioners to seamlessly access their pensions from any bank, any branch, anywhere, anywhere, anywhere). In January 2025, 694,000 retirees received pensions through CPP, achieving a success rate of 99.9%.
The EC stressed the need to transition to the Aadhaar-based payment system (ABPS) in a time-binding manner to ensure that pension payments are directly credited as an Aadhaar-CCCCCC-Chince conclusion concern aadhaar-clind-Conclinged Bank account.
The EC also reviewed progress under CITES 2.01, so the transition of EPFO from a decentralized database to a centralized system lays the foundation for enhanced performance. This modernization effort, designed to be completed by March 31, 2025, is designed to simplify claims and payments to replace aging on-site office application software for increased efficiency and service delivery.
Additionally, EPFO updated the EC in its program under EPFO 3.0, which transforms itself into a future-oriented, member-centric and technology-driven organization.
