The year also saw some serious deliberations over improving services, which, according to Madhu Damodaran, a member of the Central Board of Trustees of the EPFO, will soon be unlocked. “The EPFO 2.0 will consolidate and streamline employee databases, which will enable effective integrations of all EPF accounts under one UAN. This will also mean that subsequent requests for transfer, withdrawals, etc. will become smooth,” he said.
While the EPFO became more protective, the Pension Fund Regulatory and Development Authority (PFRDA) has made the National Pension System (NPS) far more flexible. The equity exposure has gone up to 100% from 75% earlier under the multiple scheme framework. The equity universe has also expanded, and the pension fund managers can now offer multiple schemes with pre-defined asset allocation for more choice and flexibility.
