There will be no need to go to the bank for verification at the time of commencement of pension.
There is relief news for 68 lakh pensioners associated with EPFO. Retirement fund body EPFO has started the Centralized Pension Payment System (CPPS) in all its regional offices across the country. According to PTI news, with the introduction of this system, any beneficiary will be able to withdraw pension from any bank and there will be no need to go to the bank for verification at the time of starting the pension. Also, the amount will be deposited immediately upon release. The Labor Ministry gave this information on Friday.
Applicable from January 2025
According to the news, the ministry said in a statement that the CPPS system, which will be implemented from January 2025, will ensure distribution of pension across India and there will be no need to transfer the Pension Payment Order (PPO) from one office to another, even if Even if the pensioner moves from one place to another or changes his bank or branch. This will be a big relief for those pensioners who move to their hometown after retirement. CPPS is a paradigm shift from the existing pension disbursement system, which is decentralised, wherein each regional/regional office of EPFO enters into separate agreements with only 3-4 banks.
New CPPS implemented on full scale
The first pilot project of the centralized pension payment system was completed in October last year in Karnal, Jammu and Srinagar regional offices, in which pensions worth about Rs 11 crore were disbursed to over 49,000 EPS pensioners. The second pilot was launched in November in 24 regional offices, where pensions worth about Rs 213 crore were distributed to over 9.3 lakh pensioners. According to the statement, in a historic step towards enhancing pension services, EPFO implemented full-scale new CPPS under the Employees’ Pension Scheme 1995 in December.
Right to access your pension easily
Pensions worth about Rs 1,570 crore were distributed to more than 68 lakh pensioners belonging to all 122 pension disbursement regional offices of EPFO for December 2024. On this occasion, Union Minister Mansukh Mandaviya said that the full-scale implementation of CPPS in all the regional offices of EPFO is a historic milestone. This transformative initiative empowers pensioners to conveniently access their pension from any bank, any branch, anywhere in the country.
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