Employees Pension Scheme 1995: Centralized pension payment system will help in pension disbursement and there will be no need to transfer pension payment orders.
EPS Pensioners: There is great news for pensioners receiving pension under the Employee Pension Scheme. From January 1, 2025, EPS pensioners can get pension from any branch of any bank in any corner of the country. Union Minister of Labor and Employment Mansukh Mandaviya has given this information. This decision will benefit around 78 lakh EPS pensioners.
Benefit to 78 lakh EPS pensioners
The Ministry of Labor and Employment gave information about this decision in a press release and said that Labor and Employment Minister and Chairman of Central Board of Trustees, EPF Mansukh Mandaviya has approved the proposal of Centralized Pension Payment System for Employees Pension Scheme 1995. With the creation of a centralized system at the national level through the Centralized Pension Payment System, pension can be paid 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.
Pensioners’ problems will be reduced
On this historic decision, the Labor and Employment Minister said, approval of the centralized pension payment system is going to prove to be an important milestone in the modernization of EPFO. Paying pension to pensioners from any branch of any bank anywhere in the country will help solve the problems of pensioners which they were facing for a long time.
Pension payment order will not be required
The centralized pension payment system will help in pension disbursement in the country and there will be no need to transfer pension payment orders for this. Earlier, pension payment orders had to be issued when pensioners moved from one place to another, or changed banks or branches. Pensioners who go to their hometowns after retirement will get great relief from this. In the next phase, the centralized pension payment system will be linked with the Aadhaar-based payment system.
