Employees of EPFO can now move from National Pension System (NPS) to Unified Pension Scheme (UPS).
Formally adopting the unified pension plan (UPS) for EPFO personnel, the executive committee of the fund opened the path for EPFO officials and staff to migrate from the National Pension System (NPS) to UPS.
This was decided upon Tuesday at the 112th meeting of the executive committee (EC) of the central board of trustees under labour and employment secretary Sumita Dawra.
“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 stated on Wednesday.
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Effective from April 1, 2025, the UPS guarantees financial security post-retirement, providing a minimum guaranteed pension together with other benefits such family pension provisions and dearness relief adjustments, it stated.
At the conference, EC also instructed EPFO to create a vision document for EPFO 3.0 by March 31, 2025 which is expected to concentrate on establishing a new system, embracing cutting-edge technologies, and re-engineering processes to increase social security coverage.
This is meant to enable EPFO become a member-centric, technologically driven, future-ready company.
EPFO said in January 2025, 69.4 lakh seniors got their pensions using CPPS, attaining a 99.9% success rate and updating the executive committee on the centralized pension payment system (CPPS).
According to the statement, EC underlined the need of gradually switching to the Aadhaar-based payment system (ABPS), thereby ensuring that pension payments are credited straight into Aadhaar-linked bank accounts for a more safe and effective system.
EPFO further told the executive committee that seventy percent of applications related to the pension on higher salaries had already been handled. “EPFO seeks to finish processing all applications by March 31, 2025,” it said.
Nonetheless, the EC told EPFO to speed up the cases involving members who have already paid the necessary sum, especially for the big PSUs, the ministry reported.
The executive committee reportedly also instructed EPFO to remove needless validations and apply the simplified partial withdrawals concurrently with ongoing IT changes. It underlined, “these measures would greatly improve ease of living for EPFO members.”
