look news india
EPFO Pension: There is relief news for EPFO pensioners and private sector employees. Members receiving pension under the Employees Pension Scheme (EPS) will now be able to withdraw their pension from any bank or its branch. This facility will be implemented from January 1, 2025 and more than 78 lakh EPS pensioners across the country will benefit from this new system.
In fact, in September the central government had approved the Centralized Pension Payment System (CPPS) for the Employees' Pension Scheme, 1995, so that pensioners can collect their pension from any bank branch in the country. Pension worth Rs 11 crore was given to 49,000 EPS pensioners under the pilot project of CPPS in Jammu, Srinagar and Karnal regions in October and the process will be implemented across the country from January 2025.
How to get pension benefits
After the implementation of CPPS, pensioners will no longer need to transfer Pension Payment Order (PPO) even if they move to any city or change bank/branch. Pensioners will now be able to collect their pension from any bank branch across the country. The pension disbursement system is decentralised, with each regional or zonal office of EPFO entering into agreements with only 3-4 banks. Under CPPS this system will change and pensioners will get pension without any verification process in the bank. Pension will be paid directly into their account.
What is CPPS system?
Under the CPPS system, pension distribution will be done smoothly across India. Pensioners will no longer need to send PPO whenever they move anywhere or change their bank/branch. This will especially be a relief for those pensioners who return to their hometown after retirement. The new system is part of EPFO's ongoing IT modernization project, Centralized IT Enabled System (CITES 2.01) and will be fully implemented by January 2025. This change is a significant improvement in EPFO's service to 78 lakh EPS pensioners.