Good news for all the pensioners. Soon they will be able to withdraw their pension using their advanced smartphones. Pensioners and members of the EPEO (Employees Provident Fund Organization) can take a sense of relief because the state-run pension fund manager is planning to create a mobile app to offer a wide range of services online.V P Joy, the central provident fund commissioner said that they are developing an app that will allow pensioners to withdraw their pensions on the go. They don’t need to visit the office all the time to collect their pensions. They can withdraw it directly using their smartphone. The app for pensioners is expected to launch in the next year. The app will save both the time and paperwork. In fact, the verification will be done via electronic know your customer (e-KYC) using the Aadhaar number.
To an addition, the company is also upgrading its technologies so that subscribers can easily use its services, without any interface with EPFO officials. V P Joy also said “The idea is that people can access most of our services online and that is where we are headed. Online services will start by early next year,“. The app will support all the popular banks in order to ensure hassle-free payments.
Apart from upgrading high-end technologies, the state-run pension fund manager is also planning to offer brand new schemes to engage more subscribers and keep themselves alive in the changing financial landscape. They are planning to introduce group housing scheme for its members.
If you are a member, you can apply for the housing scheme as a group and the EPFO will confirm the amount present in the member’s account. In short, this app will become an ideal solution for pensioners.