The Employees’ Provident Fund Organisation had increased the interest rate on EPF for its 7 crore members to 8.25 per cent for 2023-24, from 8.15 per cent in 2022-23. The proposal will now be sent to the Ministry of Finance for clearance. In January 2025, 69.4 lakh pensioners received their pensions through CPPS, achieving a 99.9 per cent success rate. The Centralised Pension Payment System (CPPS) has been implemented across all regional offices in January 2025. The new system enables pensioners to access their pensions seamlessly from any bank, any branch, anywhere in the country. The EPFO has completed the processing of 70 per cent of the applications received under Pension on Higher Wages (PoHW) and aims to complete theprocessing of all applications by March 31, 2025, according to an official statement. The committee instructed the EPFO to expedite the cases of members who have already deposited the required amount, including for the large PSUs. The EC emphasised the need to transition to the Aadhar-Based Payment System in a time-bound manner, ensuring that pension payments are credited directly into Aadhaar-linked bank accounts for a more secure and efficient system.
