Pension Withdrawals Soon Possible from Any Bank Branch: Over 78L Pensioners to Benefit
Pension Withdrawals Soon Possible from Any Bank Branch: Pensioners currently have to visit a particular bank branch in which their account is held. This causes several difficulties if the account holders stay in a different location.

Pension Withdrawals Soon Possible from Any Bank Branch
Pension Withdrawals Soon Possible from Any Bank Branch: The government has introduced a new feature that will let pensioners in the country withdraw their money from any bank office.
On Wednesday, Minister of Labour and Employment Mansukh Mandaviya declared that from January 2025, pensioners in the Employees' Provident Fund Organization (EPFO) plan will be able to withdraw their money at any nearby bank branch.
Pensioners currently have to visit a particular bank branch in which their account is held. This causes several difficulties if the account holders stay in a different location.
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However, this new scheme will provide a solution to these problems by allowing people to draw out money from any banks.
The Labour Ministry said that Mandaviya, who is also the head of the Central Board of Trustees (CBT) has given its approval for the introduction of the Centralised Pension Payment System (CPPS).
This new method will make it easier to pay your pension at any bank branch in the country.
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Mandaviya described that the introduction of CPPS is a major step toward modernizing the EPFO and improving its efficiency.
This system will solve the problems of pensioners traveling to a particular bank to pay their pensions and make sure that the process of pensions is smooth and effective.
Union Minister Dr. Mansukh Mandaviya said, "The approval of the Centralized Pension Payment System (CPPS) marks a significant milestone in modernization 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 organization, committed to serving the needs of its members and pensioners better."
Mandaviya also added that the CPPS is expected to benefit more than 78 lakh EPS-95 pensioners. This will make things easier, faster, and more seamless for pensioners.
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