look news india
Centralized Pension Payment System for EPFO Holder: Employees Provident Fund Organization (EPFO) has given a big gift to pensioners across the country. Now pensioners can withdraw their pension from any branch in the country. EPFO has implemented the Centralized Pension Payment System (CPPS) under the Employees’ Pension Scheme 1995 across the country. For December 2024, an estimated Rs. 1 lakh crore will be distributed to over 68 lakh pensioners attached to all 122 pension disbursement regional offices of EPFO. Rs 1,570 crore was distributed as pension.
Centralized pension payment system will benefit pensioners
The first pilot project of CPPS will be launched in October 2024 in Karnal, Jammu and Srinagar regional offices for more than 49,000 pensioners at an estimated cost of Rs. EPS successfully completed with pension disbursement of Rs 11 crore. While the second pilot project was conducted in 24 regional offices in November 2024. In which pension worth about Rs 213 crore was distributed to more than 9.3 lakh pensioners. Announcing this, Union Labor Minister Mansukh Mandaviya said, ‘The full implementation of the Centralized Pension Payment System (CPPS) in all the regional offices of EPFO is a historic decision.’
Pension can be withdrawn from any corner of the country
Mandaviya said, ‘Under this change, pensioners will be able to get their pension amount from any bank and branch from any corner of the country. In which they will not need to go to any branch for physical verification. ,
After the implementation of the centralized pension payment system, it will now be possible to withdraw pension from any branch across the country without transferring the Pension Payment Order (PPO). This system will mostly help those pensioners who go to their country after retirement. EPFO said, ‘It is continuously working to improve the facilities of pensioners. The implementation of CPPS across the country is a major corrective step taken in this direction.