New Delhi. There is a relief news for the pensioners receiving pension under the Employee Pension Scheme (EPS). From January 1, 2025, EPS pensioners can get pension from any branch of any bank in any corner of the country.
Labor Minister Mansukh Mandaviya made this announcement on Wednesday. Mandaviya said that pensioners covered under the pension scheme of the Employees’ Provident Fund Organization (EPFO) will be able to get pension from any bank or its branch from January. The Labor Ministry said in a statement that Mandaviya has approved the proposal for a centralized pension payment system (CPPS) for the Employees’ Pension Scheme (EPS) 1995. He is also the chairperson of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO.
According to the statement, the centralized pension payment system will enable pension distribution through any bank or any branch across the country. The minister said, “The approval of CPPS is a milestone in the direction of modernization of the Employees’ Provident Fund Organization (EPFO). Under this, pensioners will be able to receive their pension from any bank, any branch anywhere in the country. This initiative solves the long-standing problems of pensioners. This system ensures a seamless and efficient distribution system.
78 lakh pensioners will benefit
Mandaviya said that this is an important step towards our efforts to transform EPFO into a more robust, responsive and tech-enabled organization to better serve the needs of its members and pensioners. The centralized pension payment system is expected to benefit more than 78 lakh EPS-95 pensioners of EPFO. The centralized system will ensure seamless distribution of pension across the country without the need to transfer the Pension Payment Order (PPO) from one office to another. This will be a big relief for those pensioners who move to their hometown after retirement.
No need to go to bank branch for verification
Pensioners will not need to go to the bank branch for verification at the time of pension commencement and the payment will be credited immediately when it is released. Along with this, EPFO hopes that the new system will significantly reduce pension distribution costs. This facility of EPFO will be launched from January 1, 2025 as part of EPFO’s ongoing information technology modernization project Centralized IT Efficient System (CITES 2.01). In the next phase, CPPS will bring a smooth transition to Aadhaar-based Payment System (ABPS).
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