The Employees Provident Fund Organisation (EPFO) has processed 70% of applications under the Pension on Higher Wages (PoHW) scheme and aims to complete the remaining cases by March 31, 2025.
This update was shared during the Executive Committee (EC) meeting of the Central Board of Trustees, EPF, chaired by Labour and Employment Secretary Sumita Dawra.
The committee urged the EPFO to speed up processing, particularly for members who have already deposited the required amounts, including those from large public sector undertakings. The scheme follows a Supreme Court ruling on the matter.
Efforts to Simplify Claim Processing
To improve service for its members, the EPFO is working on simplifying claim processing, including reducing validation steps for partial withdrawals.
A technical committee has suggested easing the requirements in Form 31 for advance withdrawals. The EC was briefed on these developments and officially approved the Unified Pension Scheme (UPS) for EPFO officers and staff, aligning with a recent government notification.
Starting April 1, 2025, this scheme will provide a guaranteed pension along with benefits such as family pension provisions and dearness relief adjustments.
Employees currently under the National Pension System (NPS) will have the option to switch to the new scheme.
Implementation of Centralized System on Higher Pension
The EPFO has rolled out the Centralised Pension Payment System (CPPS) across all regional offices as of January 2025.
This system allows pensioners to access their payments from any bank, branch, or location in the country. In its first month, 69.4 lakh pensioners received their payments through CPPS, achieving a 99.9% success rate.
The EC stressed the need for a smooth transition to the Aadhaar-Based Payment System (ABPS), ensuring pension payments go directly into Aadhaar-linked bank accounts for added security and efficiency.
Modernisation and Digital Advancements
The EPFO is shifting from decentralised databases to a centralised system under its CITES 2.01 initiative.
This upgrade, expected to be completed by March 31, 2025, aims to improve claims processing and replace outdated software, boosting efficiency and service quality.
Additionally, the EPFO provided an update on its EPFO 3.0 plan, which focuses on making the organisation more responsive to members’ needs through enhanced technology and digital solutions.
Higher Pension: Wrapping- Up..
The EPFO is making steady progress in processing pension applications, improving claim procedures, and modernizing its systems.
With initiatives like the Unified Pension Scheme, Centralised Pension Payment System, and database upgrades, the organization aims to provide faster and more efficient services.
By March 31, 2025, these efforts will enhance pension delivery, ensuring better financial security for members while streamlining operations through technology-driven solutions.
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