EPFO New Rules: The Employees’ Provident Fund Organization (EPFO) has introduced some important reforms to benefit its more than 7 crore members. These include simplifying the joint declaration process, implementing a centralized pension payment system (CPPS), changes in policies related to higher pension for members, online member profile update facility and making PF transfer easier.
The purpose of these changes is that EPFO subscribers can manage their Provident Fund more effectively. Let us know all these changes in detail.
Centralized Pension Payment System
EPFO has launched the Centralized Pension Payment System (CPPS) from January 1, 2025. This system has been fully implemented in all the regional offices of EPFO across India. This system allows pensioners to receive pension from any bank or branch across India. More than 78 lakh pensioners of EPFO in India will benefit from CPPS (Centralized Pension Payment System).
This system will especially benefit those pensioners who go to their hometown after retirement. Let us tell you that now they will not have to transfer the Pension Payment Order (PPO) when they shift from one city to another or switch banks. This means that people who have retired will now get a lot of convenience.
This new system has eliminated the need for physical verification visits and has made the pension disbursement process very simple.
Higher Pension Guidelines
EPFO has issued new guidelines to clarify the policy in the matter of higher pension. According to the guidelines, employees and employers have been given the opportunity to apply online for higher pension. Let us tell you that after the Supreme Court’s decision on November 4, 2022, EPFO started the facility of higher pension. The last date to apply for higher pension is January 31, 2025.
An option has been given to apply online for this facility.
If an employee or pensioner applies for higher pension, EPFO will verify his data. If the information in the application is found incomplete, EPFO will seek information from the employer.
EPFO members profile updation
EPFO will now allow those members whose Universal Account Number (UAN) is already validated with Aadhaar to update their profile name, date of birth, gender, nationality, father/mother’s name, marital status, spouse’s name, date of joining and leaving a working organization themselves. For this, they will not need to upload any document. Except in some cases, if UAN was received before October 1, 2017, then employer’s certification will be required for updating.
Joint Declaration Process
EPFO has issued new guidelines on joint declaration process on 16 January 2025. Their aim is to simplify the joint declaration process. EPFO has simplified the process by removing some recommendations from SOP version 3.0. The new guidelines will replace the old version of Standard Operating Procedure (SOP Version 3.0).
The latest update makes some changes to streamline the process, including new classifications for members, changes in the method of submitting documents and updated procedures for employers and claimants.
Please note that after October 1, 2017, applications for Aadhaar-linked UAN can be made online. But in cases of old UAN or non-Aadhaar-linked UAN, online application cannot be made.
PF Account Transfer
The process of transferring PF accounts has also been simplified for EPFO members who change jobs. That is, now account holders will not need to request for PF transfer manually when changing jobs.
Earlier, EPFO members had to apply manually for the transfer of their EPF funds, but now it will not be needed. Actually, when you link your Universal Account Number (UAN) to your new employer, the transfer will start automatically. That is, managing your retirement savings will now become much easier for you.
Let us tell you that every EPF member has a Unique Account Number (UAN). No matter how many times you change your job, your UAN remains the same.
