[Partially Fixed]Printing from Epson Printers broken with the latest Windows updates

Microsoft released Patch Tuesday updates to its almost all of the products some days back.(We have covered Windows 10 updates which you can see here) Though there was a significant list of fixes for all of the Windows products and as usual the updates have broken some things which it shouldn’t do.
Customers installing the latest Cumulative updates or quality rollups for Windows 7/ 8 or 10 and have a Single Dot matrix Printer Installed, this news is for you. With the recent update, seems like the computer is unable to print. Microsoft has acknowledged this issue and has offered Q and A which states:

After Installing the latest updates for Windows 10 (KB4048955, KB4048954, KB4048953, KB4048952, or KB4048956), some Epson SIDM and Dot Matrix printers are unable to print on x86 and x64-based systems.Microsoft and Epson have determined the cause of the issue and are working on a solution.  This problem is not related to the printer driver, so installing current or older printer drivers will not resolve this issue. We will update this post when more information is available.  To be notified of updates to this thread, click the “…” beneath this post and select Subscribe.

You can subscribe to the thread if you have a Microsoft community account, or check this article regularly for any updates. Here is the link to the thread:

Some Epson printers stop working on Windows 10 after installing the November 14 Windows Update

Update:

Microsoft has released a patch silently with KB4055038 which resolves this issue. But, the catch is-This Patch is only applicable to Windows 7 and 8.1 but not for Windows 10. I think the Patch for Windows 10 would be out soon too. If you have either of the Windows versions, go to:
http://www.catalog.update.microsoft.com/Search.aspx?q=KB4055038
How to install a Catalog update:

Install updates via Microsoft update catalog