New Delhi: The Employees Provident Fund Organisation (EPFO) has completed the processing of 70 per cent of applications received under Pension on Higher Wages (PoHW) and aims to complete the processing of all applications by March 31, 2025, according to an official statement issued on Wednesday.Â
This information was provided by the EPFO at the Executive Committee (EC) of the Central Board of Trustees, EPF, chaired by Labour and Employment Secretary Sumita Dawra.
The executive committee instructed the EPFO to expedite the cases of members who have already deposited the required amount, including for the large PSUs, according to the statement. The higher wages pension scheme is being implemented in accordance with the Supreme Court judgment on the issue.
With the goal of providing ease of living for its members, the EPFO is also working on a plan for simplification of claim processing, including rationalisation of validations for partial withdrawals. The EC was also provided an update on the progress. A technical committee has recommended simplification of validations in Form 31 for advance withdrawals, the statement said.
The EC, at the meeting, formally adopted the Unified Pension Scheme for EPFO officers and staff, aligning with the recent gazette notification issued by the Ministry of Finance. This marks a significant step toward establishing a structured and assured pension framework for EPFO employees covered under the National Pension System (NPS), the statement said.
Effective from April 1, 2025, the UPS ensures financial security post-retirement, offering a minimum guaranteed pension along with additional benefits such as family pension provisions and dearness relief adjustments. EPFO officers and staff will now have the option to transition from the NPS to the UPS.
The executive committee was further informed that the Centralised Pension Payment System (CPPS) has been implemented across all regional offices in January 2025. The new system enables pensioners to access their pensions seamlessly from any bank, any branch, anywhere in the country. In January 2025, 69.4 lakh pensioners received their pensions through CPPS, achieving a 99.9 per cent success rate.
The EC emphasised the need to transition to the Aadhaar-Based Payment System (ABPS) in a time-bound manner, ensuring that pension payments are credited directly into Aadhaar-linked bank accounts for a more secure and efficient system.
The EC also reviewed progress under CITES 2.01, whereby the EPFO is transitioning from decentralised databases to a centralised system, laying the foundation for enhanced performance. This modernisation effort, set for completion by March 31, 2025, aims to streamline claims settlement and payments, replacing the ageing Field Office Application Software to enhance efficiency and service delivery.
Additionally, the EPFO updated EC on a plan under EPFO 3.0, an exercise to transform itself into a future-ready, member-centric, and technology-driven organisation.