Synopsis
The EPFO has completed the nationwide rollout of its Centralized Pension Payments System (CPPS), benefiting over 68 lakh pensioners. The new system allows pensioners to withdraw their pensions from any bank branch and ensures seamless disbursements, even when changing locations or bank branches. This reform, praised by Union Minister Mansukh Mandaviya, aims to modernise and simplify pension services for all beneficiaries. Agencies EPFO The Employees’ Provident Fund Organisation (EPFO) has successfully implemented its Centralized Pension Payments System (CPPS) across all regional offices in India, a significant development that will benefit over 68 lakh pensioners. This new system aims to modernise the pension disbursement process, providing pensioners with greater convenience and efficiency.
A Revolutionary Change in Pension Distribution The CPPS marks a paradigm shift from the previous decentralised system, where each regional office of the EPFO had separate agreements with only a few banks for pension disbursement. With the new system, pensioners can now access their pension from any bank or branch across the country, making the process much more flexible and convenient.
Under the CPPS, pensioners no longer need to visit their bank for verification when their pension commences. The amount will be credited directly to their account as soon as it is released, without delay. This system will eliminate the need for physical verification visits, simplifying the pension disbursement process significantly.
A Key Advantage for Relocating Pensioners One of the most significant benefits of the CPPS is its ability to ensure seamless pension payments across the country, regardless of where a pensioner lives. From January 2025, the CPPS will allow pensioners to receive their payments without the need for transferring pension payment orders (PPOs) from one office to another. This means that pensioners who move to different locations or change their bank or branch will no longer face disruptions in their pension payments.
This change is expected to be particularly helpful to pensioners who move to their hometowns after retirement, providing them with continued access to their pension without any hassle
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