NEW DELHI, Jan 3:
Retirement fund body EPFO has completed the Centralized Pension Payments System (CPPS) rollout in all its regional offices across the country that will benefit over 68 lakh pensioners, the Labour Ministry said today.
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The CPPS is a paradigm shift from the existing pension disbursement system that is decentralised, with each zonal/regional office of EPFO maintaining separate agreements with only 3-4 banks, the Ministry explained in a statement.
Under CPPS, a beneficiary will be able to withdraw pension from any bank and there will be no need for to visit the bank for verification at the time of commencement of pension, and the amount will be immediately credited upon release, it stated.
The CPPS system January 2025 onwards will also ensure disbursement of pension throughout India without any need for transfer of pension payment orders (PPO) from one office to another even when the pensioner moves from one location to another or changes his bank or branch, it said.
This will be a great relief to pensioners who move to their hometown after retirement.
The first pilot of CPPS was completed in October last year in Karnal, Jammu and Srinagar regional offices with the pension disbursement of about Rs 11 crore to more than 49,000 EPS pensioners, a Ministry statement said.
The second pilot was taken up in November in 24 regional offices where about Rs 213 crore pension was disbursed to more than 9.3 lakh pensioners, it stated.
According to the statement, in a landmark move towards enhancing pension services, the EPFO completed full-scale rollout of the new CPPS under Employees’ Pension Scheme 1995 in December. (PTI)
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