The Employees’ Provident Fund Organisation (EPFO) has finally made a significant overhaul in its pension payment methods with an eye towards greater efficiency and, as a result, improved transparency. Starting from May 2025, every pension amount under the EPS-95 and related schemes will, therefore, be directly credited to bank accounts of the pensioners-without the need for any intermediary because the schemes are terminated. Millions of retirees will benefit from a hassle-free, time-saved ex-pension disbursal.
Earlier, multiple steps are usually performed in most cases for effecting pension payment, leading to delays and even confusion among the elderly. With this new, smooth process, the EPFO hopes to minimize administrative delays and ensure pensioners receive their dues on time and securely every month.
Key Highlights Of The New EPF Pension System:
- Direct Credit to Bank Accounts: Pensioners will one-emergency trust the amount with neither disbursing banks nor any allied/network agency but directly transfer the EPFO-nominated pension into the registered bank account of the pensioner.
- Speedier Payments: Pensioners can now expect their monthly pension to be credited within the first few days of every month without unnecessary delays.
- Increased Transparency: Now, any payment into the account of pensioners will trigger an SMS alert and update on the mobile numbers registered with the EPFO.
- Linking of Bank Accounts is Mandatory: The retirees should have their Aadhaar, mobile, and bank account information linked with the EPFO database to prevent noncredit of pension amounts.
- There Are No Additional Fees: EPFO has also confirmed that this entire facility of direct funding will not have any service charges or cuts in pension amount.
What Pensioners Should Do:
- Verification of Information: Pensioners are to check and update their details, i.e. Aadhaar, PAN, mobile, bank account, on EPFO portals at the earliest.
- Life Certificate Submission: Annual Life Certificate submission is mandatory. Submission digitally can be made via Jeevan Pramaan portal or at any designated centre.
- Be Vigilant: The pensioners have to keep a close watch on their SMS and email for any communication from EPFO on the pension credit.
Conclusion
This landmark step by EPFO is being hailed as a move to make life easier for retirees, bringing more speed, transparency, and security into the pension system.
To get additional help, pensioners can just go to the official EPFO website or contact their nearest EPFO office.
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