There is exciting news for pensioners receiving benefits under the Employee Pension Scheme (EPS). Starting from January 1, 2025, EPS pensioners will be able to receive their pension from any bank branch across the country, regardless of location.
Union Minister of Labour and Employment, Mansukh Mandaviya, made this announcement, revealing that nearly 78 lakh EPS pensioners will benefit from this new decision.
Benefits for 78 Lakh EPS Pensioners
The Ministry of Labour and Employment, through an official press release, stated that the Centralized Pension Payment System under the Employees Pension Scheme 1995 has been approved by Mansukh Mandaviya, who is also the chairperson of the Central Board of Trustees, EPF. This system will centralize pension payments across the nation, enabling pensioners to receive their pensions from any bank branch. This development will be a significant relief to the 78 lakh EPS pensioners across India, making the pension disbursement process much easier and more efficient.
Reduced Difficulties for Pensioners
In his statement, the Union Minister emphasized that this is a historic decision for modernizing the Employees’ Provident Fund Organisation (EPFO). The Centralized Pension Payment System will simplify pension distribution, especially for pensioners who have been facing challenges with accessing their pensions due to relocations or bank changes.
No Need for Pension Payment Orders (PPOs)
One of the biggest advantages of the new system is that pensioners will no longer need to transfer their Pension Payment Orders (PPOs) when they move or change banks or branches. This will be especially beneficial for those who retire and move to their hometowns, as it removes a significant administrative hurdle.
Future Plans: Aadhaar-Based Payments
In the next phase, the Centralized Pension Payment System will be integrated with an Aadhaar-based payment system, further enhancing the ease and security of pension disbursement.
Summary of Key Changes for EPS Pensioners
| Feature | Details |
|---|---|
| Effective Date | January 1, 2025 |
| Applicable Pensioners | 78 lakh EPS pensioners |
| New System | Centralized Pension Payment System |
| Pension Access | Pension can be received from any bank branch |
| No Need for PPO Transfers | Pension Payment Orders (PPOs) no longer required for bank or location changes |
| Future Integration | To be linked with Aadhaar-based payment system |
This centralized system is expected to bring immense relief to pensioners by offering a smoother and more flexible pension disbursement process.
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