CPPS has introduced a major change in the existing system of pension distribution, which is decentralization. Under the current setup, each zonal or regional EPFO office manages separate contracts with only 3-4 banks, the ministry said in a statement.
With CPPS, beneficiaries can withdraw their pension from any bank without the need to go to the bank for verification when their pension starts. The statement said that the pension amount will be credited immediately upon release.
An important milestone in modernizing EPFO!
EPFO’s centralized pension payment system is now fully operational. This innovative system ensures that pensioners can get their pension quickly and hassle-free from any bank, anywhere in India.
Under the leadership of PM Shri… pic.twitter.com/AvuEmxC80y— Dr. Mansukh Mandaviya (@mansukhmandviya) January 3, 2025
After January 2025, the CPPS system will also ensure disbursement of pension across India without the need to transfer Pension Payment Orders (PPOs) from one office to another even when the pensioner moves from one place to another. Has or changes your bank or branch. . This will be a big relief for pensioners who are moving to their hometown after retirement.
The first pilot of CPPS was completed in October last year in the regional offices of Karnal, Jammu and Srinagar, disbursing pensions worth around Rs 11 crore to over 49,000 EPS pensioners, a ministry statement said. was done The second pilot was taken up in November in 24 regional offices where pensions worth around Rs 213 crore were disbursed to over 9.3 lakh pensioners.
In a historic move towards enhancing pension services, EPFO completed the full-scale rollout of the new CPPS under the Employees’ Pension Scheme 1995 in December, according to the statement. For December 2024, pension disbursements of around Rs 1,570 crore have been made to over 6.8 lakh pensioners belonging to all 122 Pension Disbursing Regional Offices of EPFO.
Announcing the successful rollout, Union Minister Mansukh Mandaviya said, “Full-scale implementation of CPPS across all regional offices of EPFO is a historic milestone. This transformative initiative will enable pensioners to access any bank, any branch, anywhere. The country also gives the option to access its pension without any hindrance.”
The Minister said that CPPS eliminates the need for physical verification visits and simplifies the pension disbursement process. “CPPS is a testament to our commitment to modernize EPFO services and ensure convenience, transparency and efficiency for our pensioners.
“With this rollout, we are setting a new benchmark in pension service delivery, in line with EPFO’s vision of technology-enabled and member-centric,” he said. Mandaviya added that EPFO is continuously working to improve services for EPS pensioners and the new CPPS system is an important reform in this direction. (with PTI input)