Pension Payment: Centralized Pension Payment System (CPPS) will allow more than 78 lakh pensioners of EPFO in India to get pension from anywhere. This system allows pensioners to get pension from any bank or branch
Pension Payment: Centralized Pension Payment System (CPPS) will allow more than 78 lakh pensioners of EPFO in India to get pension from anywhere. This system allows pensioners to get pension from any bank or branch. This will make the pension payment process more efficient, easy and hassle-free. Under this system, which will come into effect from January 1, 2025, there will no longer be a need for PPO transfer.
What is Centralized Pension Payment System (CPPS)?
The Centralized Pension Payment System has brought a big change for India. This system facilitates pension payment at the national level. Under this, pension can be taken through any bank or branch.
Which EPS pensioners will get the benefit?
This facility benefits more than 78 lakh EPFO EPS pensioners. Using the latest IT and financial technology, this process will give pensioners a more efficient, simple and user-friendly experience. Especially for those retirees who transfer to their hometown after retirement. This process can prove to be a big relief.
When will it be implemented?
This new facility has been implemented from January 1, 2025 under the Centralized IT Enabled System (CITES 2.01) of EPFO.
No need for PPO transfer now
Even if pensioners transfer or change bank or branch, CPPS will distribute the pension without any delay and hassle. For this, there will be no need to transfer the Pension Payment Order (PPO) from one office to another.
EPS Contribution
Both employees and employers contribute to the Employees’ Pension Scheme (EPS). Employees contribute 12% of their basic salary, dearness allowance and retaining allowance to EPF.
Employers also contribute 12% of the salary, of which 8.33% goes to EPS and 3.67% to EPF. The EPS scheme is available only to those EPF members whose basic salary is not more than Rs 15,000 per month as on September 1, 2014. CPPS will give pensioners flexibility in receiving pension and it will eliminate the hassle of transfer.
Most Read Articles:
- Hydrogen Train: Big news! India’s first Hydrogen train will run in this state, know the details
- Income Tax: Those earning more than 10 lakhs may get relief, different tax slabs and increase in standard deduction is possible
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
