look news india
EPFO CPPS PENSION FACILITY: There is relief news for EPFO account holders and private sector employees. Pensioners covered under the pension scheme of Employees Provident Fund Organization (EPFO) will be able to withdraw their pension from any bank or its branch. This facility will be applicable from January 1, 2025. The new arrangement is expected to benefit more than 78 lakh EPS pensioners of EPFO.
In fact, in September the Central Government had approved the proposal for Centralized Pension Payment System (CPPS) for the Employees' Pension Scheme, 1995, which will make it possible to receive pension through any bank, any branch, across India. Nearly Rs 11 crore has been given as pension to more than 49000 EPS pensioners of Jammu, Srinagar and Karnal regions in October under the pilot run of the Centralized Pension Payment System (CPPS), which came into effect from January. Labor and Employment Minister Mansukh Mandaviya gave this information on Friday.
How to get pension benefits
Once CPPS is implemented, the pensioner will not need to transfer the pension payment order even if he moves from one city to another or changes the bank or branch and pension can be collected from any bank branch across the country.
The current pension disbursement system is decentralised, with each regional/regional office of EPFO entering into separate agreements with only 3-4 banks. In this respect, CPPS is a great change. In this, pensioners will not need to go to the bank for any verification at the time of commencement of pension and the pension will be deposited in the pensioner's account as soon as it is released. Through this, pensioners will be able to get their pension from any bank and any branch of the country.
What is CPPS system?
- The CPPS system will ensure distribution of pension across India and there will be no need to send Pension Payment Orders (PPOs) from one office to another, 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 go to their hometown after retirement. The new CPPS system will be fully implemented by January 2025 as part of EPFO's ongoing IT modernization project Centralized IT Enabled System (CITES 2.01).
- This will benefit more than 78 lakh EPS pensioners of EPFO. EPFO is continuously working towards improving services for EPS pensioners and the new CPPS system is a major improvement in this direction.