EPFO: At the start of the new year, pensioners have received encouraging news. The Employees’ Provident Fund Organisation (EPFO) has introduced significant changes to pension regulations effective January 1, 2025.
Centralised Pension Payment System (CPPS)
The Centralised Pension Payment System (CPPS) has been launched, making the process of withdrawing pension funds more straightforward and user-friendly. With CPPS, EPS pensioners can now access their pension from any bank branch across the country without the need for additional verification. This change is expected to benefit over 7.8 million EPS pensioners, simplifying the withdrawal process for countless individuals.
Contribute for a minimum of 10 years
The EPS (Employees Pension Scheme) provides pensions to employees covered by EPFO. Upon retirement or in the event of disability during their working years, employees are entitled to receive a pension under EPS, which is designed to ensure their financial security. To qualify for a pension, employees must register with EPFO and contribute for a minimum of 10 years. Once they reach the age of 58, they become eligible to receive their pension.
Previously, pensioners were limited to receiving their funds from designated banks
Additionally, employees who become disabled for any reason are also entitled to pension benefits. Pensioners can withdraw their monthly pension, and with the new regulations, they can do so from any bank. Previously, pensioners were limited to receiving their funds from designated banks, but this new flexibility will greatly ease the process for them, ensuring they encounter no difficulties in accessing their pension payments. This step will be very convenient for EPF members and will also save a lot of their time as they will be able to withdraw their pension from any bank.