An exclusive service has been launched for retired individuals so they can withdraw their pension from any banking branch in India. The service commenced on New Year’s Day this year. Experts believe this will significantly diminish potential adversity for retired persons.
According to a news agency, pensioners prescribed under the Employees Pension Scheme (EPS), 1995, will now receive the facility that they may access their money from any bank branch throughout India. From January 1, 2025, pensioners can obtain their pension from any banking branch throughout the nation.
According to sources, the Employees Provident Fund (EPF) has approved a proposal to launch a Centralized Pension Payment System (CPPS) for the Employees Pension Scheme (EPS), 1995. Following this approval, the new service has been launched. Pensioners can now withdraw their pension from any bank branch. The Press Information Bureau stated on September 4, 2024, that this system will start from January 1, 2025. With this system, EPS pensioners can receive their pension benefits from any bank, branch, or location in India. This is a major change for pensioners.
What is the Centralized Pension Payment System (CPPS)?
The CPPS provides centralized management at the national level. This system brings a major change for EPS beneficiaries. Through this system, pensioners can withdraw their pension from any bank or bank branch in India. All banks and their branches will be included in a specific network under this system.
Which EPS Pensioners Will Get Benefits?
This system will benefit a large number of pensioners. About 78 lakh EPFO EPS pensioners are expected to get benefits from the CPPS. This is great news for pensioners. The system uses advanced IT and financial technology, so pensioners will get efficient, seamless, and user-friendly services. It will especially help those who have changed their hometown or address after retirement.