NEW DELHI: Pensioners under the Employees' Pension Scheme 1995 run by retirement fund body EPFO will be able to get their pension from any bank or branch across India from January, Labour Minister Mansukh Mandaviya said on Wednesday.
Mandaviya, who is also the chairperson of EPFO's apex decision-making body Central Board of Trustees, has approved the proposal for a Centralized Pension Payment System (CPPS) for the Employees' Pension Scheme, 1995, a labour ministry statement said.
According to the statement, CPPS marks a major shift by establishing a national-level centralised system, enabling pension disbursement through any bank or any branch across India.
"The approval of the CPPS marks a significant milestone in modernisation of the Employees' Provident Fund Organisation (EPFO). By enabling pensioners to receive their pensions from any bank, any branch, anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism," the minister said.