look news india
There is big news for pensioners receiving pension under the Employees' Pension Scheme. Labor and Employment Minister Mansukh Mandaviya has announced that from January 1, 2025, EPS pensioners will be able to withdraw their pension from any bank branch in any corner of the country. This new decision will benefit about 78 lakh EPS pensioners.
The Ministry of Labor and Employment recently issued a press statement informing about this decision. The Minister of Labor and Employment and the Chairman of the Central Board of Trustees, EPF have approved the proposal for a centralized pension payment system for the Employees' Pension Scheme 1995.
Under this new system, a centralized system will be implemented at the national level from January 1, 2025, so that pensioners in any part of the country will be able to get their pension.
On this historic decision, the Minister of Labor and Employment said, the approval of the Central Pension Payment System is going to be an important milestone in the modernization of EPFO. This will help the pensioners to solve their problems by getting pension from any branch of any bank in the country, which the pensioners will be able to get from any branch of any bank. This decision will directly benefit 78 lakh EPS pensioners of EPFO.
The Central Pension Payment System will help in pension distribution in the country and there will be no need to transfer pension payment orders. Earlier, when a pensioner moved from one place to another or changed the bank or branch, a pension payment order had to be issued. Such pensioners who go to their homeland after retirement will get a big relief. In the next phase, the Central Pension Payment System will be integrated with the Aadhaar-based payment system.