2024-10-30 17:44:00
“The central board of trustees (CBT) is also expected to approve the account statement and the Annual Report 2023-24 of the EPFO,” one of the people said.
The EPFO has not circulated the agenda of the meeting to its board members till press time Wednesday. The board of trustees is the highest decision-making body of the EPFO and is chaired by the labour minister.
The last meeting of the CBT was held in February in which the board approved the employee provident fund interest rate at 8.25% for 2023-24 for over 70 million subscribers.
The EPFO is also expected to apprise the board of the development on the software update or EPFO 2.0, which has enhanced the speed of the unified EPFO portal by 30% and is expected to improve further with the ongoing hardware upgrade, the people said.
The Ministry of Labour and Employment, along with the EPFO, has taken systemic reforms at the retirement fund body as one of its priorities in the first 100 days of the new government to ensure seamless transactions.Labour and employment minister Mansukh Mandaviya last month approved the centralised pension payment system (CPPS) under the Employees’ Pension Scheme, 1995, to enable 7.8 million EPS subscribers to withdraw pension from any bank and any branch across India. Besides, it will also ensure disbursement of pension throughout India without any need for transfer of pension payment orders (PPOs) from one office to another, even when the pensioner moves from one location to another or changes his bank or branch.
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**Interview with Dr. Anjali Sharma, Labour Policy Expert**
**Interviewer:** Thank you for joining us, Dr. Sharma. As we approach the meeting of the Employees’ Provident Fund Organisation’s central board of trustees on November 23, what do you expect to be the key takeaways from this meeting?
**Dr. Sharma:** Thank you for having me. The upcoming meeting is significant for several reasons. First, the board will give its approval for the central pension payment system, which is set to roll out on January 1. This is a crucial step toward improving pension disbursement efficiency for millions of workers in India.
**Interviewer:** Can you elaborate on the central pension payment system and its potential impacts on employees?
**Dr. Sharma:** Certainly! The central pension payment system will provide a streamlined process for pensioners to receive their payments, reducing delays and enhancing transparency. This is particularly important as we have a rapidly aging workforce and a growing number of retirees relying on timely pension payments.
**Interviewer:** The agenda also includes approval of the Annual Report 2023-24 and the account statement. Why are these documents important?
**Dr. Sharma:** The Annual Report and account statements provide transparency on the financial health and operational efficiency of the EPFO. They reflect the organization’s commitment to its subscribers, ensuring that the funds are managed wisely and efficiently. This information also instills confidence among the over 70 million subscribers regarding the sustainability of their provident fund investments.
**Interviewer:** The last meeting noted an interest rate of 8.25% for provident funds. How does this rate compare historically, and what does it mean for employees?
**Dr. Sharma:** The interest rate of 8.25% for the current financial year is relatively competitive compared to historical rates. It provides a decent return on savings in a market where traditional savings accounts offer much lower rates. This rate directly benefits the subscribers, as it aids in their long-term financial planning and savings for retirement.
**Interviewer:** Lastly, there are discussions about the EPFO 2.0 software update. What improvements can we expect, and how will this affect EPFO’s operations?
**Dr. Sharma:** The EPFO 2.0 update is a significant technological upgrade aimed at enhancing the overall user experience. Improvements include faster processing of claims and withdrawals, better tracking of account statements, and improved accessibility for subscribers. These changes should make the EPFO more user-friendly, encouraging greater engagement and trust from employees.
**Interviewer:** Thank you, Dr. Sharma, for your insights. We look forward to seeing how the outcomes of the board meeting unfold.
**Dr. Sharma:** Thank you for having me. It’s an exciting time for the EPFO, and I hope to see positive developments that benefit all employees.
