EPFO has taken a decision that retirement pensions for private sector employees will now be the same as for government employees. Its pilot project has been started by EPFO. Project Vishwas was launched in Ludhiana on Friday. If an employee is about to retire, the EPFO team will complete the employee's paperwork two months in advance. As a result, he will be given a pension certificate at the time of retirement. Pension certificates were issued on Friday to 91 employees of 54 establishments retiring in April. Of these, seven have opted for a deferred pension, while 84 have opted for a pension. If this effort is successful, it will be implemented across the country.
Additional Central Commissioner (ACC) Kumar Rohit said that establishments would have to pay a provident fund (PF) in advance for the month of retirement. Pension claims have to be submitted to the PF office along with the required documents. Employees retiring before the 15th of the month will have to pay ECR (Electronic Currency cum Return). This is the first time in EPFO that a pension has been introduced in this manner since the month of retirement. Therefore, a pilot project has been started in Ludhiana to understand the practical problems. After that it will be started in other places.