According to the recently instituted changes made by the Employees’ Provident Fund Organisation (EPFO) in the economy of the country regarding the benefits and services provided for the members, they aim to keep the process more uncomplicated to provide better financial security and convenience for the employees.
1. Easy Provident Fund (PF) Transfers
EPFO has simplified and automated the transfer of PF accounts in cases of change of job by an employee, thus reducing manual intervention, delays, and keeping the employees’ retirement savings consolidated and growing incessantly.
2. Online Member Profile Updation
The members have the freedom to update their profiles online through the Unified Portal, which not only allows real-time updates of personal details like contact information and bank account numbers, but also keeps records accurate and current. An improvement in user convenience, it assists in quicker claim settlements and communications.
3. Centralized Pension Payment System (CPPS)
EPFO has successfully instituted the Centralized Pension Payment System as a tool of pension disbursement. CPPS is the brainchild, having adopted the integrated direct credit scheme, where by timely and error-free payment of pension would directly go to the retirees’ bank accounts, thereby reducing the overhead of administration to manage the complex structure of paying pensions to retirees.
4. Revised Guidelines for Higher Benefits
In the latest directives, EPFO issued revised guidelines that will allow members to avail of the higher pension benefits based on actual salary instead of the statutory wage ceiling. It has made such provision so that employees would be eligible to get higher security in their retirement by getting pension according to their earnings.
5. Integration with Unified Payments Interface (UPI)
EPFO has entered into an agreement with NPCI to extend UPI into its claim settlement activity. It will also help in instant credit of PF withdrawals and other payments, thus making everything easier and more efficient for the members. Mid-2025 is expected to see UPI integration go live.
What could be your advice towards these changes? Indeed, such changes have brought in technology and policy reforms toward better service for members of EPFO. The employees then might as well be advised to read these changes in detail to make maximum use of the new services and enhanced financial provisions.
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