EPFO Pension: EPFO has given great news to the pensioners associated with the Employees’ Pension Scheme. Now pensioners will be able to get their pension from any bank branch or place. Earlier, if a pensioner changed his location or bank branch, he had to face a lot of problems. He had to run around a lot to get the Pension Payment Order (PPO) transferred. But now it will not be needed.
EPFO Pension: The new year has brought a big relief for the pensioners associated with the Employees’ Pension Scheme (EPS) of the Employees’ Provident Fund Organization (EPFO). From today, he will be able to get his pension from any bank, branch or place located in the country. This will be a great convenience for the people living in their hometown after retirement.
In fact, a few days ago, the proposal for the Centralized Pension Payment System (CPPS) for the Employees’ Pension Scheme, 1995 was approved by Labor and Employment Minister Mansukh Mandaviya and the Chairman of the Central Board of Trustees of EPF, after which this facility will start being available to the employees from the new year. With the implementation of CPPS, about 78 lakh pensioners will benefit.
How will it be easier to get pension?
According to an Assistant Commissioner of EPFO, under the current system, each EPFO zonal and regional office makes an arrangement at the individual level with only three to four banks. In such a situation, when the retired employee goes to his hometown, he faces difficulty in getting pension due to the absence of a bank branch (with which EPFO has tied up). However, after the implementation of CPPS, it will be easy to get pension.
Apart from this, now pensioners will not even need to go to any bank branch for verification after the pension starts. After the pension is released, it will be deposited immediately in the bank, which the employees have mentioned in their documents.
Not only this, if a pensioner transfers or changes the bank or branch, then also there will be no problem, because CPPS guarantees pension distribution all over India without the need for transfer of Pension Payment Order (PPO) from one office to another. EPFO hopes that the implementation of the new system will save a lot of cost incurred in pension payments.
Eligibility for EPS Pension
- The employee should be a member of EPFO and should have completed 10 years of service.
- He should have reached the age of 58 years.
- He can also withdraw his EPS at a lower rate after completing 50 years.
- He can also extend his pension for two years (till the age of 60 years).
- After this, he will get pension at an additional rate of four per cent every year.
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