Business: 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.  

78 lakh EPS pensioners benefited

Giving information about this decision in a press release, the Ministry of Labor and Employment 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. 78 lakh EPS pensioners of EPFO ​​will benefit from the Centralized Pension Payment System.   

Pensioners' problems will be reduced

On this historic decision, the Minister of Labor and Employment said, approval of the centralized pension payment system is going to prove to be an important milestone in the modernization of EPFO. Payment of 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

Centralized pension payment system will help in pension disbursement in the country and for this there will be no need to transfer pension payment orders. 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.