Labor and Employment Minister Mansukh Mandaviya on Friday announced the successful completion of the pilot trial of the new Centralized Pension Payment System (CPPS) under the Employees’ Pension Scheme 1995. The Labor Ministry statement said the CPPS is a paradigm shift from the existing pension disbursement system which is decentralised, wherein each zonal/regional office of EPFO enters into separate agreements with only 3-4 banks. In CPPS, pensioners will not be required to visit the bank for any verification at the time of commencement of pension and the pension will be credited immediately upon release.
11 crores to 49 thousand pensioners
The minister said in the statement that the pilot trial was completed on October 29-30 and pensions worth about Rs 11 crore were disbursed for October, 2024 to more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions. Earlier, during the announcement of the new CPPS system, Mandaviya had said that CPPS is an important milestone in the modernization of EPMO. 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 delivery mechanism .
Pensioners will get big relief
He had said that this is an important step in our efforts to transform EPFO into a more strong and technology-enabled organization to better serve the needs of its members and pensioners. The CPPS system will ensure distribution of pension across India without transferring Pension Payment Orders (PPOs) from one office to another, even if pensioners move from one place to another or change their bank or branch. This will be a big relief for those pensioners who go to their hometown after retirement.