EPFO News: There is good news for pensioners under the pension scheme of the Employees’ Provident Fund Organization (EPFO). Now from January 1, 2025, pension can be availed from any bank branch. This statement was given by Labor Minister Mansukh Mandaviya on Wednesday.
Approval of CPPS proposal
The government has approved the proposal of Centralized Pension Payment System (CPPS) for the Employees’ Pension Scheme (EPF) 1995. Pension can be paid through any bank branch across the country through CPPS.
Pension can be availed anywhere and from any bank
Mansukh Mandaviya said that CPPS will prove to be a milestone in the modernization of EPFO. Under this, pensioners will be able to withdraw pension from any bank and branch across the country. He said, ‘This initiative will solve the long-standing problems of pensioners.’
Lakhs of pensioners will benefit
He said that this is an important step by EPFO towards better meeting the needs of employees and pensioners. More than 78 lakh EPS pensioners will benefit from the centralized pension payment system. This facility will start from January 1, 2025.
No need to go to the bank for verification
The new system is different from the existing pension distribution process, under which the regional office of EPFO had to tie up with three to four banks. Now pensioners will not need to go to the bank branch for verification at the time of pension commencement. The payment will be credited to the account immediately after release.