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Pensioners can withdraw pension from any bank or branch form 1 January 2025 government change rules

Pension: There is big news for the pensioners of Employees’ Pension Scheme (EPS) 1995. Pensioners covered under the Employees’ Pension Scheme (EPS) 1995 will be able to take pension from any bank or its branch in India from January 1, 2025. Employees Provident Fund Organization (EPFO) has approved Centralized Pension Payment System (CPPS) for this service.

What is Centralized Pension Payment System (CPPS)?

CPPS is a national level system that provides service to pensioners to collect pension from any bank or branch in India. This system has been launched under Centralized IT Enabled System (CITES 2.01) of EPFO.

Which EPS pensioners will benefit?

More than 78 lakh EPFO ​​EPS pensioners will benefit from the centralized pension payment system. This service will be especially useful for those pensioners who have shifted to their hometown or any other place after retirement.

No need for PPO transfer

After the implementation of this system, pensioners will not need to change the bank or branch or transfer the pension payment order (PPO).

When will it be implemented?

This new service will be implemented from January 1, 2025.

EPFO’s big step

Union Labor Minister Dr. Mansukh Mandaviya said that the approval of CPPS is an important step towards modernizing EPFO. This will solve the problems of pensioners and make pension distribution easy and effective. This is a significant progress towards making EPFO ​​a technically competent and responsive organization.

Contribution to EPS

Both employees and employers contribute to EPS. Employees deposit 12% of their basic salary, dearness allowance and retaining allowance in EPF. Employers also contribute 12%, of which 8.33% goes to EPS and 3.67% to EPF. Only those members whose monthly basic salary does not exceed Rs 15,000 can avail the benefit of EPS scheme. In the direction of modernization of EPFO, Aadhaar Based Payment System (ABPS) will be started after CPPS.

This mutual fund made SIP of Rs 10000 Rs 21 crore in 30 years

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