The Employees Provident Fund Organisation (EPFO) has introduced the Centralised Pension System (CPPS). Through this, now more than 68 lakh pensioners will be able to withdraw their pension from any bank. The Ministry of Labour has described this initiative as a revolutionary change in the pension distribution system.
What is CPS?
The Centralised Pension Payment System is an upgraded version of the existing decentralised pension system. Earlier, the regional offices of EPFO used to disburse pension by tying up with a few select banks. But now under CPPS, pensioners will not have to depend on any particular bank or branch.
In this system, pensioners will not be required to visit the bank for initiation or verification of pension. The amount will be credited directly to their accounts. Also, if pensioners shift to another city or change bank branch, they will not be required to get their Pension Payment Order (PPO) transferred from one office to another.
The success of the pilot project
The Ministry of Labour informed the media that the first pilot project of CPPS was launched in October 2024 in the regional offices of Karnal, Jammu and Srinagar. Out of this, pension of about Rs. 11 crore was disbursed to 49,000 SEZ pensioners. In November, the second pilot project was launched in 24 regional offices, where 9.3 lakh pensioners were given pension of about Rs 213 crore.
Read Also: Maruti Suzuki Grand Vitara 7-Seater Will Be Launch This Year
CPPS implemented across the country
In December 2024 EPFO implemented CPPS in all its 122 pension disbursing regional offices. Through this new system, pension of about Rs 1,570 crore has been disbursed to more than 68 lakh pensioners in the month of December.
Benefits for pensioners
- Pension withdrawal from any bank: Pensioners can now withdraw pension from any bank as per their convenience.
- Simplicity in the pension process: There will be no need to visit the bank for starting or verifying the pension.
- Convenience in change of location: PPO transfer will not be required on change of location of pensioners.
- Fast payment: The amount will be credited directly to the account, which will not delay the payment process.
CPPS is a historic initiative of EPFO which has been designed keeping in mind the convenience of pensioners. This will help in making pension disbursement easier and faster and will also benefit the pensioners.
Latest News Supreme News Network
#PensionPayment #EPFO #CPPS #PPO #Pension
