Time to rethink retirement and financial security
You might have seen news about the Unified Pension Scheme (UPS), maybe even skimmed a few articles, and then moved on, thinking this is just another policy tweak that doesn’t concern you.
The Ministry of Labour and Employment has notified that payment of EPF dues, pension disbursement and insurance claims under the Employees Provident Fund Scheme will be made through electronic or digital fund transfer only.
The EPF Organisation on Thursday said it had made suitable arrangements for all the three social security schemes as per the Ministry notification dated 4 May 2017.
The move is likely to benefit 4.5-crore EPF subscribers and around 54-lakh pensioners. Now, payments will be made to the beneficiaries through electronic or digital fund transfer system only, ensuring quick transfer of funds, easier tracking and reconciliation thereof.
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