Withdraw your pension from any bank branch anywhere in the country

Union Minister Dr Mansukh Mandaviya said that after this change, pensioners will not face any problem in withdrawing their pension from any bank, any branch anywhere in the country. The direct meaning of this decision is that now EPFO ​​pensioners can withdraw their pension from any regional EPFO ​​office in the country. The centralized pension payment system has been implemented in all 122 regional EPFO ​​offices in the country.

Trying to give the benefit of advanced features of EPFO

Union Labor Minister Dr Mansukh Mandaviya said that the Centralized Pension Payment System reflects our commitment to advance EPFO ​​​​services and ensure transparency with convenience for our pensioners. The first pilot project of CPPS was successfully completed in Jammu, Karnal and Srinagar Regional Offices in October 2024. Under this, a total of 11 crore pensions were distributed to 49,000 EPS pensioners. The second pilot program was successfully completed in 24 regional offices of the country. Through these 24 local offices, pension of Rs 213 crore was distributed to more than 9.3 lakh pensioners.

A Major Milestone in Modernizing EPFO!

EPFO’s Centralized Pension Payments System is now fully operational. This modern system ensures that pensioners can access their pensions from any bank, anywhere in India swiftly and hassle-free.

Union Minister Mansukh Mandaviya shared the post

On this occasion, the Union Minister shared a post on X and informed about this. He said that through this the need for physical verification will be eliminated and pension distribution will be disbursed in a very easy way. With this rollout, we are setting a new benchmark in pension service distribution.

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The post EPS Pensioners: Centralized Pension Payments System Fully Rolled Out in All Regional Offices of EPFO first appeared on Rightsofemployees.com.

Because pensioners coming under the pension scheme of Employees’ Provident Fund Organization (EPFO) will be able to take their pension from any bank or its branch from next year. The central government has approved this new change. This change will come into effect from January 1, 2025.

Let us tell you that the Central Government had received a proposal from the Centralized Pension Payment System (CPPS) regarding the Employees’ Pension Scheme (EPS) 1995. This proposal was about implementing the system of withdrawing pension from any branch of any bank. The government has approved this proposal. This new system will help EPS pensioners to withdraw their pension from any bank or branch in India from January 1, 2025. This is a big change for the employees of the private sector, which will make it very easy for them.

More than 78 lakh pensioners will benefit

More than 78 lakh EPS pensioners of EPFO ​​are expected to benefit from the new system to be implemented from next year. Labor Minister Dr. Mansukh Mandaviya said that the approval of the Centralized Pension Payment System (CPPS) is a milestone in the direction of modernization of the Employees’ Provident Fund Organization (EPFO).

Also Read: New rules for Sukanya Samridh schemes from 1st October you should know

How will the new system work?

After the implementation of the new system, pensioners will not need to go to the branch for any verification at the time of pension commencement. The money will be deposited in the account immediately after the pension is released. EPFO ​​hopes that the cost of pension distribution will decrease after the implementation of the new system.

Centralized Pension Payment System

Centralised Pension Payment System (CPPS) is an initiative of the Central Government, which will start a system at the national level. This system provides the facility of pension payment through any bank or branch in India. This facility will be started from January 1, 2025.

Benefits of the new change

PPO will not have to be transferred : After the new system is implemented, pensioners will not need to transfer their PPO (Pension Payment Order) number when relocating or switching banks. This will be very convenient for people who have retired. They will not have to transfer PPO when shifting from one city to another or switching banks.

Let us tell you that PPO is a unique 12-digit code assigned to every pensioner under the Employees Provident Fund (EPF).

Pension will be credited immediately: Pension will be credited immediately after release, and there will be no need to go to the branch for verification.

This new system is part of EPFO’s Centralized IT Enabled System (CITES 2.01) and has been done to advance the existing decentralized setup. Now in the next phase, Aadhaar-based payment system (ABPS) is expected to be started, which will make the process of disbursing pension more convenient.

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The post EPS Pensioners: New rules regarding EPS Pension are being implemented from January 1. Check new rules details first appeared on Rightsofemployees.com.

EPS Pensioners: There is great news for pensioners receiving pension under 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 Labour and Employment Mansukh Mandaviya has given this information. This decision will benefit around 78 lakh EPS pensioners.

78 lakh EPS pensioners benefited

The Ministry of Labor and Employment, while giving information about this decision in a press release, 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 the Employees Pension Scheme 1995. With the creation of a centralized system at the national level through the Centralized Pension Payment System, pension can be given 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.

Also Read- EPS 95: Can pension be received even before the age of 58, know what are the rules of EPFO

There will be no need for pension payment order

The 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.

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The post EPS Pensioners: Good news! You will be able to take pension from any bank anywhere in the country from January 1, 2025, know update… first appeared on Rightsofemployees.com.

Explain that under the Employees Pension Scheme-1995 (EPS-95) there are about 75 lakh pensioners beneficiaries across the country. Apart from this, more than 6 crore shareholders are also included under this. EPFO has given a big update regarding crores of pensioners of the country.

What is the validity of Life Certificate?

EPFO told on tweet that submission of life certificate can be submitted at any time. Also told how long is the validity of the life certificate. According to the information released by the organization, its validity is up to one year.

EPS’95 पेंशनभोक्ता अब किसी भी समय जीवन प्रमाण पत्र जमा कर सकते हैं जो जमा करने की तारीख से 1 वर्ष के लिए वैध होगा।#epfo #pension #amritmahotsav
@PMOIndia @byadavbjp @Rameswar_Teli @LabourMinistry @MyGovHindi @PIBHindi @MIB_Hindi @AmritMahotsav pic.twitter.com/myefoHdGcW

— EPFO (@socialepfo) January 21, 2023

How to submit life certificate sitting at home?

According to EPFO, life certificate can also be submitted online sitting at home. Life Certificate can be submitted digitally to Pension Disbursement Bank, Public Service Center i.e. CSC, IPPB or Indian Post Office, UMANG App and Nearest EPFO ​​Office.

How to deposit Jeevan Praman Patra?

DLC can be done comfortably sitting at home with Jeevan Pramaan. Its process is here-

• You will first have to enter the details of pension account and account holder along with Aadhaar, mobile number.
• After this OTP will come for authentication on email id and mobile number. After OTP verification, you can generate DLC (Digital Life Certificate).
• Now you will have to give the pensioner’s Aadhaar number, pension payment order, bank account details and mobile number.
• After completion of biometric authentication, an SMS will come on your mobile number, which will contain the ID of your Jeevan Pramaan certificate.
• Now the pension issuing authority can access your digital life certificate on the Jeevan Pramaan website if needed.

Documents required for life certificate

• PPO number
• Aadhaar number
• bank account details
• Aadhaar linked mobile number

The post EPS Pensioners! EPFO issued new notification regarding life certificate of pensioners first appeared on Rightsofemployees.com.