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EPFO pensions- There is big news for people associated with the Employees Provident Fund Organization (EPFO). EPFO ​​will now make pension payments completely portable to make it easier for its customers. Read the full news...

New Delhi: The government will launch a centralized pension payment system for all subscribers of the Employees' Provident Fund Organization (EPFO). This will enable bank and location portability and eliminate the need to transfer payment orders in physical form. With the portable system, pensioners can receive money at any bank and any location. Let us tell you that these facilities will be available from January 2025.

• The centralised payment will replace the existing decentralised pension disbursement system of EPFO.
• At present, each regional office of EPFO ​​maintains separate agreements with only a few banks, which links pensioners to those banks and their home branches.
• The move will cover around 7.8 million subscribers of the Employees' Pension Scheme, 1995.
• Recently, EPFO ​​has come up with the details of reform plan to free the employees from cumbersome processes and improve EPFO ​​operations by leveraging digital technologies based on regular complaints.
• According to the reform plan, under the reforms to be implemented from next year, regional offices will not need to physically transfer pension payment orders from one office to another.
• This means that the pensioner can withdraw money from any location.
• The Ministry of Labor is moving towards implementing the EPFO ​​2.01 project. It aims to simplify the processes and turnaround time for various member and employer transactions.
• Apart from pension, provident funds also provide retirement income to over 67 million salaried Indians.
• This is often the main fund of lifetime savings for working people.
• EPFO has offered a savings interest rate of 8.25 per cent for FY24.