Now, EPS pension can be withdrawn from any bank
Mansukh Mandaviya on Wednesday approved the centralised pension payment system (CPPS), which will allow 7.8 million Employees' Pension Scheme subscribers to withdraw their pension from any branch of any bank across India starting January 1, 2025.
In the next phase, CPPS will enable a smooth transition to the Aadhaar-based payment system (ABPS), the ministry of labour and employment said in a statement.
The move will enhance ease of living while significantly cutting pension disbursement costs of the Employees' Provident Fund Organisation (EPFO).
«The approval of the centralised pension payment system marks a significant milestone in modernisation of the Employees' Provident Fund Organisation,» the ministry said, quoting the minister. «This initiative addresses the long-standing challenges faced by pensioners and will ensure a seamless and efficient disbursement mechanism,» the minister said.
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