EPFO's Strategic Overhaul: Key Reforms and Future Plans Unveiled

The Executive Committee of EPFO reviewed key reforms, including the new Unified Pension Scheme and a centralized Pension Payment System. Progress on transitioning to digital solutions for enhanced service delivery and the simplification of processes was emphasized, with future goals for EPFO 3.0 discussed.

The 112th meeting of the Executive Committee of the Central Board of Trustees, EPF, was convened on Wednesday, chaired by Sumita Dawra, Secretary of the Ministry of Labour and Employment, at the EPFO Head Office in New Delhi. Key figures including Ramesh Krishnamurthi, CPFC, and several senior officials were in attendance, according to an official statement.

A pivotal agenda item was the adoption of the Unified Pension Scheme for EPFO officers and staff. This move, aligning with a Ministry of Finance gazette notification, paves the way for a more secure pension framework under the National Pension System, set to take effect on April 1, 2025. The scheme promises a guaranteed pension, family pension, and dearness relief.

The session noted the positive outcomes from the recently implemented Centralized Pension Payment System (CPPS), enhancing pension disbursement efficiency. The transition to an Aadhaar-Based Payment System was stressed, aiming to secure seamless payments into Aadhaar-linked bank accounts. Additionally, EPFO's efforts in modernizing its infrastructure for better performance and service delivery were discussed.

(With inputs from agencies.)