Good news for lakhs pensioners. Now they can withdraw their pension from any bank in India. This is the big relief for EPS pensioners. The Centralised Pension Payment System (CPPS) is now live for pensioners as of the new year. This new setup makes it super easy and convenient for folks to access their pension funds.
EPS pensioners can now withdraw their pensions from any bank across the country. The CPPS is linked to Aadhaar, meaning no extra verification is needed. So, you can simply use your Aadhaar to get your pension from any bank branch.
This is a big win for over 78 lakh pensioners! The CPPS creates a centralized system that allows pension payments from any bank and branch nationwide. These updates from the Employees Provident Fund Organization (EPFO) are a huge relief for many. With this new rule in place, more than 78 lakh EPS pensioners are set to benefit, making it way easier to access their funds.
When was it approved and when did it start?
The Union Labour and Employment Minister, Mansukh Mandaviya, gave the green light for the CPPS for the Employees’ Pension Scheme back in September 2024, and it officially kicked off on January 1, 2025.
According to the circular, “Pensioners won’t need to visit the branch for any verification when their pension starts, and the funds will be credited right away.”
Who qualifies for the EPS pension?
The Employee Pension Scheme (EPS) is designed for employees registered with the EPFO. When these workers retire or become disabled for any reason during their employment, they receive a pension (EPS 95 Pension) to help secure their future.
How can you qualify for it?
To be eligible for a pension, an employee must register with the EPFO and contribute for at least 10 years. Once they hit 58 years of age, they can start receiving their pension. Apart from this, if an employee becomes disabled due to any reason, then he also gets the benefit of pension.
