EPS Pensioners: There is great news for pensioners receiving pension under the Employees' Pension Scheme. From January 1, 2025, EPS pensioners can receive pension from any branch of any bank in any corner of the country. Union Labor and Employment Minister Mansukh Mandaviya has given this information. About 78 lakh EPS pensioners will benefit from this decision.
78 lakh EPS pensioners benefit
The Ministry of Labor and Employment informed about this decision in a press release and said that Mansukh Mandaviya, Minister of Labor and Employment and Chairman of the Central Board of Trustees, EPF, has approved the proposal for a centralized pension payment system for the Employees' Pension Scheme 1995. The creation of a centralized system at the national level through the Centralized Pension Payment System will enable payment of pension to pensioners from any branch of any bank in any corner of India. The centralized pension payment system will benefit 78 lakh EPS pensioners of EPFO.
Problems of pensioners will be reduced
On this historic decision, the Minister of Labor and Employment said, Approval of the centralized pension payment system is going to be an important milestone in the modernization of EPFO. Payment of pension to pensioners from any branch of any bank anywhere in the country will solve the problems of pensioners which they were facing for a long time.
Pension payment order will not be required
The centralised pension payment system will help in pension distribution in the country and will eliminate the need to transfer pension payment orders. Earlier, pensioners had to issue pension payment orders when they moved from one place to another, or changed banks or branches. This will provide great relief to pensioners who go to their hometowns after retirement. In the next phase, the centralised pension payment system will be linked to the Aadhaar based payment system.