Epfo Update: It is almost certain that PF employees’ luck will shine, benefiting a large number of people. The government is now going to implement a new system for PF employees. With the new system, it will become a breeze for employees to get pensions, which will be like a big gift.
The government is now rapidly considering increasing the minimum pension amount limit for PF employees after retirement. Earlier, the government had already signaled its intention by approving the new system. If this happens, then PF employees are going to have a wonderful time.
You can easily learn how the new system will work and what benefits it will provide to the employees below. When will the government approve the implementation of the new system? You can find all this information below, which will clear up any confusion you may have.
The central government approved the new EPS system.
The Modi government at the center has won everyone’s heart by approving the new system of EPS. A proposal from the Centralised Pension Payment System (CPPS) regarding the Employees’ Pension Scheme (EPS) 1995 was given to the government. The proposal demanded the implementation of a system that allows pensions to be withdrawn from any bank branch, a demand that the Modi government has now announced it will approve.
This will greatly assist EPS pensioners, enabling them to withdraw their pension from any bank, branch, or location in India starting from January 1, 2025. Private sector employees view this as a significant change. After retirement, this system will provide a substantial benefit to the employees; more than 78 lakh EPS pensioners of EPFO anticipate receiving this benefit, akin to a gift.
This is how the new system works.
Knowing how the new system will work will definitely give you some relief. Actually, the government has surprised everyone by making a significant change from the existing CPPS pension payment system. In this system, the direct regional/zonal office of EPFO is solely responsible for establishing separate agreements with three to four banks. With this system, pensioners will not need to go to any verification branch at the time of commencement of pension. Additionally, the system will deposit the money into the account immediately upon pension release.
