Retirement fund body EPFO will consider and approve a proposal for setting up a central pension disbursal system in its meeting on July 29 and 30, paving the way for crediting the benefit into over 73 lakh pensioners’ bank accounts in one go across
India.
Presently, over 138 regional offices of the Employees’ Provident Fund Organisation (EPFO) disburse pensions to beneficiaries in their region separately. Thus, the pensioners of different regional offices are getting pensions at different times or days.
“A proposal for setting up a central pension disbursal system will be placed in the EPFO’s apex decision making body Central Board of Trustees (CBT) in a meeting scheduled on July 29 and 30,” a source told PTI.
The source further stated that the pension would be disbursed using a central database of over 138 regional offices in the country and this will facilitate crediting the benefit into bank accounts of over 73 lakh beneficiaries in one go.
The source explained that all regional offices cater to the pensioners in their regions separately and that is why pensioners across the country get pension on different times or days.