New digital pension platform for ex-servicemen; but concerns raised over data breach, internet access
3 years, 5 months ago

New digital pension platform for ex-servicemen; but concerns raised over data breach, internet access

India Today  

A Centralised Pension Disbursement System for former defence personnel intended to smoothen the process is all set to be launched, but certain concerns have been raised about security of data and access of the internet to those living in remote areas, as the new system will do away with banks being the interface, replacing it with an online portal. Named SPARSH, the 'System for Pension Administration Raksha' formulated by the Ministry of Defence is envisaged to facilitate all aspects of the pension process starting from initiation of claims, disbursement and grievance redressal mechanism through a single source. It is described as the Comprehensive Pension Package, an end-to-end online system facilitating and easing every aspect of defence pension from initiation to disbursement and more is being launched shortly in phased-wise manner. READ: Military reforms: New pension slabs, change in retirement age It is envisaged to ensure payments through digital processing of more than 30 lakh pensioners.

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Labour Ministry to launch centralised EPFO pension payments nationwide by 2025
Trending News
1 month, 1 week ago

Labour Ministry to launch centralised EPFO pension payments nationwide by 2025

India Today  

Starting in 2025, the Labour Ministry will transition to a centralised pension payment system, allowing retirees to receive their monthly pensions from any bank branch, anywhere in the country. Labour Minister Mansukh Mandaviya says the new platform, designed for subscribers of the Employees’ Provident Fund Organisation —the state-run retirement fund—aims to streamline the process by reducing paperwork and enabling faster …

New pension platform to ease payouts: Minister
1 month, 1 week ago

New pension platform to ease payouts: Minister

Hindustan Times  

The labour ministry will switch to a centralised pension-payment system from 2025, allowing retirees to receive monthly payouts from any bank or its branches in any location throughout the country, for which a large-scale test run was recently carried out. Mansukh Mandaviya The new platform for subscribers of the Employees’ Provident Fund Organisation, the state-run retirement fund manager, is aimed …

Trial run of centralised PF pension system is successful, says Centre
1 month, 2 weeks ago

Trial run of centralised PF pension system is successful, says Centre

The Hindu  

The pilot run of the proposed Centralised Pension Payments System under the employees’ pension scheme of the Employees Provident Fund Organisation is successful, the Union Labour Ministry said on Friday, November 8, 2024. The new system, to be implemented nationwide by January 2025, will help more than 78 lakh EPS pensioners to receive their pension from any bank, any branch, …

EPFO pensioners to get payments from any bank, branch
3 months, 2 weeks ago

EPFO pensioners to get payments from any bank, branch

The Hindu  

The Union Labour Ministry has cleared a proposal for Centralised Pension Payment System for about 78 lakh pensioners under the Employees’ Pension Scheme, 1995. Union Minister of Labour and Employment and Chairperson, Central Board of Trustees, Employees Provident Fund Organisation, Mansukh Mandaviya, said the approval of the CPPS marks a significant milestone in modernisation of the EPFO. “By enabling pensioners …

Centralised Pension Withdrawals Nationwide From Jan: Mandaviya
3 months, 2 weeks ago

Centralised Pension Withdrawals Nationwide From Jan: Mandaviya

Deccan Chronicle  

New Delhi: Pensioners under Employees' Pension Scheme 1995 run by retirement fund body EPFO will be able to get a pension from any bank or branch across India from January, Labour Minister Mansukh Mandaviya said on Wednesday. Mandaviya, who is also the chairperson of EPFO's apex decision-making body Central Board of Trustees, has approved the proposal for a Centralized Pension …

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