“The EC formally adopted the unified pension scheme for EPFO officers and staff, marking a significant step toward establishing a structured and assured pension framework for EPFO employees covered under the National Pension System (NPS),” the ministry said in a statement issued on Wednesday.
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, it said.
At the meeting, EC also directed EPFO to prepare a vision document for EPFO 3.0 by March 31, 2025 which is expected to focus on developing a new system, adopting cutting-edge technologies, and re-engineering processes to expand social security coverage.
This is aimed at helping EPFO to transform itself into a future-ready, member-centric, and technology-driven organization. Updating the executive committee on the centralized pension payment system (CPPS), EPFO said in January 2025, 69.4 lakh pensioners received their pensions through CPPS, achieving a 99.9% success rate.As per the statement, EC emphasized 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.
EPFO, further, informed the executive committee that 70% of applications pertaining to the pension on higher wages have already been processed. “EPFO aims to complete the processing of all applications by March 31, 2025,” it said.
The EC, however, instructed EPFO to expedite the cases of members who have already deposited the required amount, including for the large PSUs, the ministry said.
According to the statement, the executive committee also directed EPFO to reduce unnecessary validations and implement the simplified partial withdrawals in parallel with ongoing IT reforms. “These measures would significantly enhance ease of living for EPFO members,” it reiterated.