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Big Relief For Pensioners, New Payments System Kicks Off – Times Bull

Big Relief For Pensioners, New Payments System Kicks Off

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EPFO CPPS

EPFO: Under the pilot run of the Centralised Pension Payments System (CPPS) to be implemented from January 1 next year, about Rs 11 crore was disbursed as pension to over 49000 EPS pensioners in Jammu, Srinagar and Karnal areas in October. Labor and Employment Minister Mansukh Mandaviya gave this information on Friday. At present, every zonal or regional office of EPFO has an agreement with only 3-4 banks and this work is done through them. When CPPS is implemented, the pensioner will not need to transfer the pension payment order even after moving from one city to another or changing the bank or branch and the pension will be available from any bank branch across the country.

Big relief for those pensioners

This will be a big relief for those pensioners who move to their home district after retirement. This facility will be launched from 1st January 2025 as part of EPFO’s ongoing Information Technology Modernization Project Centralized IT Equipped System (CITES 2.01). In the next phase, CPPS will bring a seamless shift to Aadhaar-Based Payment System (ABPS).

“The CPPS marks a significant milestone in modernization of the EPFO. By enabling pensioners to receive their pension from any bank, any branch, anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism,” Minister of Labour & Employment Mansukh Mandaviya had said.

“This is a crucial step in our ongoing efforts to transform the EPFO into a more robust, responsive, and tech-enabled organization, committed to serving the needs of its members and pensioners better.”

Significant change from the existing pension distribution process

It is stated that the new system is a significant change from the existing pension distribution process, under which each regional/regional office of EPFO had to enter into separate agreements with only three-four banks. It said pensioners will no longer be required to visit bank branches for verification at the time of commencement of pension and payment will be credited to their account immediately after it is issued.

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