EPS Pensioners Rules: Labor Minister Mansukh 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.
EPS Pensioners Rules: Labor Minister Mansukh 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 allow the distribution of pension through any bank or any branch across the country.
You will be able to withdraw pension from anywhere in the country
The minister said, “The approval of CPPS is a milestone towards the 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 resolves the long-standing problems of pensioners. This system ensures a seamless and efficient distribution system.”
He 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.
Also Read-Â EPFO pensioners get big relief! From this date they can get pension from any bank in the country, know details
78 lakh pensioners will get relief
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. New rule will be implemented from January 1
This facility 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).
Pension system will change
The ministry statement said that the new system is a significant change from the existing pension distribution process, under which each regional/regional office of EPFO ​​had to enter into separate agreements with only three-four banks. It said that now pensioners will not need to visit the bank branch for verification at the time of pension commencement and the payment will be deposited immediately upon release. Along with this, EPFO ​​hopes that the new system will significantly reduce the pension distribution cost.
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