New Delhi, November 8 (IANS). Union Labor and Employment Minister Dr. Mansukh Mandaviya on Friday announced the successful pilot run of the new Centralized Pension Payment System (CPPS) under the Employees’ Pension Scheme-1995 with the aim of enhancing pension services.
He said the pilot run was completed on October 29-30 with pension disbursement of about Rs 11 crore for October to over 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions.
The Union Minister said that through the new system, pensioners can get pension in any bank or branch anywhere in the country. It addresses the long-standing challenges of pensioners and ensures a seamless and efficient disbursement mechanism.
The new CPPS system will be fully operational by January 2025 as part of EPFO’s ongoing IT modernization project Centralized IT Enabled System (CITES 2.01) and will benefit over 78 lakh EPS pensioners of EPFO.
Earlier, at the time of announcement of the new CPPS system, Dr. Mandaviya had said that the Centralized Pension Payment System (CPPS) is a milestone in the modernization of EPFO. This is an important step in our ongoing efforts to transform EPFO into a more strong, responsive and tech-enabled organization, committed to better serving the needs of its members and pensioners.
The new CPPS is going to bring a big change in the pension system, because the existing pension system is decentralized and every zonal and regional EPFO office has separate agreements with 3 to 4 banks. In the new CPPS, pensioners will not need to go to the bank for verification to get pension. As soon as the pension arrives, it will be immediately credited to the bank account.
–IANS
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