EPS Pension: Good news for pensioners, pensioners will get pension from any branch of any bank from January 1.
Many retired employees are enjoying their retirement life through the Employees’ Pension Scheme (EPS Pension), which provides financial security after retirement to retired employees engaged in many service sectors in the country. This scheme of the central government is very helpful for the senior citizens who get monthly pension, now another proposal of the central government has given good luck to the pensioners.
Yes. Now the Central Government has approved the Centralized Pension Payment System (CPPS) for the Employees Pension Scheme (EPF) and the pensioners have been given the facility to collect their pension from any bank branch. Along with this, one such important proposal has been approved by the Central Government, where pension money can be withdrawn from any branch of any bank in India.
Good News for ESP Pension beneficiaries
Union Labor Minister Mansukh L. Mandaviya, who gave a big update on this, said that this is an important milestone in the modernization of the EPFO system. So let’s see what are the benefits for the pensioners in this new system approved by the government.
Facility to receive EPS Pension from any branch of any bank in any part of the country.
Benefiting all pensioners through advanced IT and banking technology.
Even if the pensioner is transferred from one place to another or the bank branch is transferred, the pension can be availed very easily without transfer of PPO details.
Convenience for pensioners who move to other cities after retirement.
EPS Pension: Benefits to 78 lakh pensioners
This CPPS system introduced by the government will greatly benefit 78 lakh pensioners, who will not have to go to banks for pension. Also, with this system, pensioners do not need to go to the bank for verification. As each installment of pension is directly deposited into the account immediately after release, pensioners will avoid wandering to banks and offices. Similarly, the delay in bank payment systems will also decrease and the cost of payment will also decrease.
This CPPS facility is available from January 1, 2025!
The government has approved this scheme or initiative to provide facility to pensioners to get pension from their place and this opportunity will be available from January 1, 2025 itself. This facility will be launched from January 1 as part of Centralized IT Enabled System (CTES 2.01), an IT upgradation scheme of the central government EPFO, and will be available to all pensioners across the country at the beginning of the new year. Also, henceforth CPPS Aadhaar Based Payment System (ABPS) will also be helpful, no surprise if pension payment is available in the palm of your hand in the coming days.
