EPS Pensioners Rules: There is a good news for the employees of the private sector. After retirement, it will now be very easy for them to get pension from the pension scheme EPS of EPFO (Employees’ Provident Fund Organization).
Because pensioners coming under the pension scheme of Employees’ Provident Fund Organization (EPFO) will be able to take their pension from any bank or its branch from next year. The central government has approved this new change. This change will come into effect from January 1, 2025.
Let us tell you that the Central Government had received a proposal from the Centralized Pension Payment System (CPPS) regarding the Employees’ Pension Scheme (EPS) 1995. This proposal was about implementing the system of withdrawing pension from any branch of any bank. The government has approved this proposal. This new system will help EPS pensioners to withdraw their pension from any bank or branch in India from January 1, 2025. This is a big change for the employees of the private sector, which will make it very easy for them.
More than 78 lakh pensioners will benefit
More than 78 lakh EPS pensioners of EPFO are expected to benefit from the new system to be implemented from next year. Labor Minister Dr. Mansukh Mandaviya said that the approval of the Centralized Pension Payment System (CPPS) is a milestone in the direction of modernization of the Employees’ Provident Fund Organization (EPFO).
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How will the new system work?
After the implementation of the new system, pensioners will not need to go to the branch for any verification at the time of pension commencement. The money will be deposited in the account immediately after the pension is released. EPFO hopes that the cost of pension distribution will decrease after the implementation of the new system.
Centralized Pension Payment System
Centralised Pension Payment System (CPPS) is an initiative of the Central Government, which will start a system at the national level. This system provides the facility of pension payment through any bank or branch in India. This facility will be started from January 1, 2025.
Benefits of the new change
PPO will not have to be transferred : After the new system is implemented, pensioners will not need to transfer their PPO (Pension Payment Order) number when relocating or switching banks. This will be very convenient for people who have retired. They will not have to transfer PPO when shifting from one city to another or switching banks.
Let us tell you that PPO is a unique 12-digit code assigned to every pensioner under the Employees Provident Fund (EPF).
Pension will be credited immediately: Pension will be credited immediately after release, and there will be no need to go to the branch for verification.
This new system is part of EPFO’s Centralized IT Enabled System (CITES 2.01) and has been done to advance the existing decentralized setup. Now in the next phase, Aadhaar-based payment system (ABPS) is expected to be started, which will make the process of disbursing pension more convenient.
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