Centre approves Centralized Pension Payments System enabling EPFO registered employees to receive their pension in any Bank

The pensioners of the Employees’ Pension Scheme will now be able to receive their pension from any bank across the country starting from January 1, 2025. This will benefit more than 78 lakh pensioners of the Employees’ Provident Fund Organisation (EPFO). Union Labour and Employment Minister Dr. Mansukh Mandaviya said that the approval of the Centralized Pension Payment System marks a significant milestone in the modernization of the EPFO.

He added that the disbursement of pensions from any bank branch in the country will address the long-standing challenges faced by pensioners. The Minister further said that this is a crucial



step in the ongoing efforts to transform the EPFO into a more robust, responsive, and tech-enabled organization. There will also be no need for pensioners to visit the branch for any verification at the time of the commencement of their pension, and the pension shall be immediately credited upon release. 

The centralized system will also ensure the disbursement of pensions throughout India without any need for the transfer of Pension Payment Orders (PPO) from one office to another, even when the pensioner moves from one location to another or changes their bank or branch.