EPFO Pensioners to Receive Payments from Any Bank Starting January 2025

EPFO Update: Labor Minister Mansukh Mandaviya said on Wednesday that pensioners covered under the workers’ Provident Fund Organization( EPFO) pension scheme will be suitable to get pension from any bank or its branch from January.

The Labor Ministry said in a statement that Mandaviya has approved the offer for a centralized pension payment system( CPPS) for the workers’ Pension Scheme( EPS) 1995. He’s also the speaker of the Central Board of Trustees, the ultimate decision- making body of EPFO.

Pension plutocrat can be attained from any bank

The system will allow the distribution of pension through any bank or any branch across the whole country. The minister said,’ The blessing of CPPS is a corner in the direction of modernization of the workers’ Provident Fund Organization( EPFO). Under this, pensioners will be suitable to get their pension from any bank, any branch anywhere in the country. This action will break the long- standing problems of pensioners.’

further than 78 lakh people will profit

He said that this is an important step towards our sweats to transfigure EPFO into a more robust, responsive and tech- enabled association to more serve the requirements of its members and pensioners. The centralized pension payment system is anticipated to profit further than 78 lakh EPS- 95 pensioners of EPFO.

The centralized system will insure flawless disbursement of pension across the country without the need to transfer the Pension Payment Order( PPO) from one office to another. This will be proven to be a big relief for pensioners who move to their birthplace for the withdrawal. This installation of the will be launched from January 1, 2025 as part of EPFO’s ongoing information technology modernization design consolidated IT Equipped System( CITES 2.01).

In the coming phase, CPPS will bring a smooth transition to Aadhaar- grounded Payment System( ABPS). The ministry stated that the new system is a significant change from the being pension disbursement process, under which each indigenous/ zonal office of EPFO had to enter into separate agreements with only three- four banks. It said now pensioners wo n’t need to visit the bank branch for verification at the time of pension inception and the payment will be credited incontinently upon release. Along with this, EPFO expects that the new system will significantly reduce pension disbursement costs.