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EPFO Board will Meet on November 23 to Approve Central Pension Payment System


New Delhi: The central board of truste es of the Employees' Provident Fund Or- ganisation (EPFO) will hold its first mee ting of the current financial year on No- vember 23 to give its go ahead to the cen- tral pension payment system approved by the government, before it is rolled out on January 1, people in the know told ET. "The central board of trustees (CBT) is

also expected to approve the account sta tement 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 trus-

tees 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 ra- te at 8.25% for 2023-24 for over 70 million subscribers.

The EPFO is also expected to apprise the board of the deve lopment on the software update or EPFO 2.0, which has enhanced the speed of the unified EPFO portal by 30% and is expec- ted to improve further with the ongoing hardware upgrade, the people said.

The Ministry of Labour and Employ- ment, along with the EPFO, has taken sy stemic reforms at the retirement fund bo-

dy as one of its priorities in the first 100 days of the new government to ensure se- amless transactions.

Labour and employment minister Mansukh Mandaviya last month appro- ved the centralised pension payment sy- stem (CPPS) under the Employees' Pen- sion Scheme, 1995, to enable 7.8 million EPS subscribers to withdraw pension from any bank and any branch across In- dia.

Besides, it will also ensure disburse- ment of pension throughout India witho- ut any need for transfer of pension pay- ment orders (PPOs) from one office to another, even when the pensioner moves from one location to another or changes his bank or branch.