EPS Pensioners: EPFO has completed the implementation of Centralized Pension Payments System (CPPS) in all its regional offices across the country. This will benefit more than 68 lakh pensioners.
EPS Pensioners: There is good news for 68 lakh pensioners of Employees’ Provident Fund Organisation. EPFO pensioners will now be able to withdraw pension from any bank. EPFO has completed the implementation of Centralized Pension Payments System (CPPS) in all its regional offices across the country. This will benefit more than 68 lakh pensioners.
Now you can withdraw pension from any bank
The Ministry of Labor said that CPPS is a paradigm shift from the existing pension distribution system, which is decentralized. In this, each regional/regional office of EPFO enters into separate agreements with only 3-4 banks. Under CPPS, beneficiaries will be able to withdraw pension from any bank and there will be no need to go to the bank for verification at the time of pension commencement. The amount will be deposited immediately upon release.
Pensioners will get great relief
The statement said that from January 2025, the CPPS system will ensure distribution of pension across India and there will be no need to transfer the Pension Payment Order (PPO) from one office to another despite the pensioners moving to another place or changing their bank or branch. This will provide great relief to those pensioners who move to their hometown after retirement.
The ministry said in a statement that the first pilot project of CPPS was completed in Karnal, Jammu and Srinagar regional offices in October last year. In this, pension of about Rs 11 crore was distributed to more than 49,000 EPS pensioners. According to the statement, the second pilot project was launched in November in 24 regional offices, where pension of about Rs 213 crore was distributed to over 9.3 lakh pensioners.
The statement said that in a historic step towards enhancing pension services, the Employees’ Provident Fund Organisation (EPFO) implemented the new CPPS on a full scale in December under the Employees’ Pension Scheme 1995. Pension of about Rs 1,570 crore was distributed to over 68 lakh pensioners belonging to all 122 pension distribution regional offices of EPFO for December, 2024.
