Great news for pensioners under the Employee Pension Scheme (EPS)! Starting January 1, 2025,
EPS pensioners will be able to receive their pensions from any branch of any bank across the country.
Union Minister of Labor and Employment, Mansukh Mandaviya, announced this update. This change will benefit around 78 lakh EPS pensioners.
Benefits of the Centralized Pension Payment System
According to a press release from the Ministry of Labor and Employment,
the new Centralized Pension Payment System for EPS 1995 has been approved by Mansukh Mandaviya, the Minister of Labor and Employment and Chairman of the Central Board of Trustees, EPF.
This system will allow pension payments to be made from any bank branch in India.
The Centralized Pension Payment System will positively impact 78 lakh EPS pensioners.
Reduced Problems for Pensioners
Minister Mansukh Mandaviya highlighted that this new system is a significant step in modernizing the EPFO.
It will address long-standing issues faced by pensioners, such as the need to transfer pension payment orders when moving or changing banks.
This new system will provide much-needed relief, especially for pensioners returning to their hometowns after retirement.
In the future, the system will also be integrated with Aadhaar-based payments for added convenience.
