New EPS Rule: Pensioners Can Withdraw Pension From Any Bank Branch Nationwide Starting Today

One of the key advantages of the CPPS is that it eliminates the need for pensioners to transfer their Pension Payment Orders when they relocate or switch banks or branches

The Employees' Provident Fund has approved the introduction of a Centralised Pension Payment System for the EPS 1995

Source : Tata AIA

Pensioners under the Employees' Pension Scheme (EPS), 1995, will be able to collect their pensions from any bank branch across India starting today January 1, 2025. This new provision allows pensioners the flexibility to receive their payments from any bank or branch of their choice.

The Employees' Provident Fund (EPF) has approved the introduction of a Centralised Pension Payment System (CPPS) for the EPS 1995.

As per a press release from the Press Information Bureau dated September 4, 2024, this new system will enable EPS pensioners to receive their pension benefits from any bank, branch, or location across India, starting January 1, 2025.

Centralised Pension Payment System

The CPPS marks a major transformation by offering a centralised, nationwide system that enables pension payouts to be made through any bank or branch across India.

Which EPS Pensioners Will Benefit? 

The CPPS is expected to benefit over 78 lakh EPS pensioners under EPFO. By harnessing advanced IT and financial technologies, the new system promises a more efficient, seamless, and user-friendly experience. This is especially beneficial for retirees who move to their hometowns after retirement, offering them much-needed convenience.

PPO Transfer

One of the key advantages of the CPPS is that it eliminates the need for pensioners to transfer their Pension Payment Orders (PPO) when they relocate or switch banks or branches. The system ensures pension payments will continue seamlessly across India without requiring PPO transfers.

Union Minister Dr Mansukh Mandaviya's Statement

Union Minister Dr Mansukh Mandaviya stated, “The approval of the Centralised Pension Payment System (CPPS) marks a significant milestone in modernisation of the 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. This is a crucial step in our ongoing efforts to transform the EPFO into a more robust, responsive, and tech-enabled organisation, committed to serving the needs of its members and pensioners better.”