New Delhi: With successful completion of pilot run of new Centralized Pension Payments System (CPPS) under Employees’ Pension Scheme 1995, the Labour Ministry is expected to launch centralised EPFO pension payments nationwide by 2025.
The transition will allow the retirees to receive their monthly pensions from any bank branch across the country. Minister of Labour & Employment Mansukh Mandaviya on November 8, 2024 announced that the pilot run of the new Centralised Pension Payments System was successful. Mandaviya said the new platform is aimed at benefiting EPFO subscribers by streamlining the process by reducing paperwork and ensuring smooth and faster processing.
“The approval of the Centralized Pension Payment System (CPPS) marks a significant milestone in modernization of the EPFO. By enabling pensioners to receive their pension 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 said.
Centralized Pension Payments System Benefits
Under CPPS, each Zonal/Regional Office of EPFO will maintain separate agreements with only 3-4 banks. In this new set up, there would be no need for the pensioners to visit the bank for any verification at the time of commencement of pension and the pension shall be immediately credited upon release.
The Centralized Pension Payments System would ensure disbursement of pension in any part of the country. This would be a big help to pensioners who move to their hometown after retirement. The pension will be disbursed without transfer of Pension Payment Orders (PPO) from one office to another.
“The new CPPS system will be fully rolled out as part of EPFO’s ongoing IT modernization project Centralized IT Enabled System (CITES 2.01) by January 2025 and will benefit more than 78 lakh EPS pensioners of EPFO,” Ministry of Labour & Employment stated.
EPFO update: The Pilot Run of new Centralized Pension Payments System under EPF Scheme has been successfully completed. The CPPS will be officially launched in 2025. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
