Employees' Provident Fund Organisation (EPFO) has made a big change in the rules for taking a pension from January 1. From now on, pensioners (EPS Pensioners) will be able to withdraw their pension amount from any bank in the country, and for this, they will not need any additional verification, with the implementation of this new rule, it will become very easy and convenient to withdraw the pension amount.

What is an EPS Pension?

EPS (Employees Pension Scheme) pension is given to those employees who work under EPFO. When an employee retires after his working life or becomes disabled due to any reason while working, he gets a pension (eps 95 pension) under EPS. This pension is given by the government to secure the future of the employees.

How can you become eligible for it?

To get a pension, any employee has to register under EPFO and has to contribute for at least 10 years. After this, when the employee completes the age of 58 years, he starts getting a pension. Apart from this, if an employee becomes disabled due to any reason, then he also gets the benefit of a pension.

When can you withdraw your pension?

Pensioners can withdraw their pension amount every month, and after this new rule, they can get their pension amount from any bank. Earlier for this, the pensioner used to get the facility to receive a pension only from a specified bank, but now this option has been opened.

Big relief for pensioners

This new change will provide great relief to the pensioners and they will not face any problem in getting their pension amount. This step will be very convenient for EPF members and will also save a lot of time because they will be able to withdraw their pension from any bank.

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