Pensioners enrolled in the Employees’ Pension Scheme (EPS), 1995, can now withdraw their pensions from any bank branch across India, starting today. This landmark reform, approved by the Ministry of Labour and Employment on November 10, 2024, simplifies pension disbursement for over 70 million beneficiaries, enhancing accessibility and convenience.
Previously, pensioners were restricted to withdrawing their pensions from designated bank branches. This often created challenges, particularly for those who relocated or travelled frequently. The new system removes this limitation, allowing pensioners to access their pensions from any branch of their bank, regardless of location. This transformative change ensures seamless and flexible pension services, especially benefiting those in rural or remote areas.
The revised system allows pensioners to withdraw their pensions using their existing pension-linked bank accounts at any branch of their bank. Banks have integrated their systems to recognize and authenticate EPS beneficiaries across all branches. Pensioners must provide Aadhaar-linked accounts or valid proof of identity for authentication during withdrawals. The Employee Provident Fund (EPF) organization approved a Centralized Pension Payment System (CPPS) on September 4, 2024, which enables EPS pensioners to access benefits from any bank, branch, or location in India.
This update is expected to be a significant improvement for pensioners in rural or underserved areas, reducing dependency on specific branches. The initiative aligns with the government’s digitization efforts and push for efficient public service delivery. By leveraging centralized technology, the system addresses longstanding challenges faced by pensioners, including difficulties in accessing pensions while away from their designated branches.
The Ministry of Labour and Employment’s approval of this reform reflects the government’s commitment to modernizing the EPS framework and ensuring better service delivery for retirees. This change, driven by pensioners’ feedback, represents a major step towards inclusivity and convenience in pension management.
