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 made changes in the social security schemes of the Employees' Provident Fund Organisation to allow electronic or digital fund transfer and payment of EPF benefits, pension disbursement and insurance claim.
"Such move is likely to benefit 4.5 crore EPF subscribers and around 54 lakh pensioners," a release said.
The development means that payments will be made to the beneficiaries through electronic or digital fund transfer system only "ensuring quick transfer of funds, easier tracking and reconciliation".
Advertisement
Advertisement
