The government has introduced the e-pension authentication system, eliminating the necessity for pensioners to visit banks in person. Finance Minister Dr. Swarnim Wagle announced that this system, developed by the Office of the Auditor General, was formally launched on Friday. The ministry stated that the system will streamline the pension renewal process for 352,816 pension beneficiaries and reduce bank commissions to zero.
Kathmandu, 27 Chaitra – The government has ended the requirement for pensioners to rush to banks for pension collection. Finance Minister Dr. Swarnim Wagle inaugurated the e-pension authentication system today. With this launch, approximately 350,000 pensioners will be freed from the cumbersome process of pension renewal and the hassle of selecting banks. The ministry also noted that bank commissions paid by the government will be eliminated.
According to the Ministry of Finance, retired individuals will no longer need to be physically present; they can avail of the service from their homes. The annual average burden of bank commission fees, estimated to be around NPR 15 crore, is expected to be reduced. As cash flow becomes more predictable, managing treasury pressures will also become easier. The ministry added that human errors associated with manual pension calculations will also decrease. This new system will benefit 352,816 active and inactive pensioners.
Previously, newly retired individuals were obligated to appear in person at the Pension Management Office when choosing a bank. Pensioners had to visit banks individually each year to renew their accounts. Pension amounts and tax calculations were conducted manually. Failure to renew on time made it difficult to forecast cash flow accurately.
