The Modi government at the center has given a big relief to the pensioners coming under the Employees Pension Scheme (EPS) 1995. Now they will be able to easily withdraw pension from any branch of any bank from any corner of India.
EPFO approved CPPS: The Government of India has given a New Year gift to more than 78 lakh pensioners of the country associated with the Employees’ Provident Fund Organization (EPFO). The government has approved the Centralized Pension Payment System (CPPS). With its approval by the EPFO, now pensioners can withdraw pension from any branch of any bank in the country. This facility has become effective from January 1, 2025.
The Modi government at the Center has given a big relief to the pensioners coming under the Employees’ Pension Scheme (EPS) 1995. Now they will be able to easily withdraw pension from any branch of any bank from any corner of India. The central government approved this proposal in September and now it has been implemented from January 1.
Pilot run successful in Jammu, Srinagar and Karnal region
Union Minister Mansukh Mandaviya informed that under the pilot run of Centralized Pension Payments System (CPPS), about Rs 11 crore has been given as pension to more than 49000 EPS pensioners of Jammu, Srinagar and Karnal regions in October, and it was successfully completed.
You can withdraw pension from anywhere, no need to transfer PPO
When Centralized Pension Payments System (CPPS) is implemented, its benefits will be more for those pensioners who have settled in one city from another, the special thing is that such pensioners will no longer have to change the bank or branch, and there will also be no need to transfer PPO pension payment order.
This is the CPPS system
Centralized Pension Payments System i.e. CPPS is a facility that allows pensioners to make pension payments anywhere in India, in this pensioners will not need to send pension payment order from one office to another or to the bank, this will benefit the most those pensioners who go to their hometown or native village after retirement.
These were the problems in the old pension distribution system
Let us tell you that the pension distribution system that was prevalent till now was decentralized, in this each regional office of EPFO had contracts with only 3 or 4 banks from where pensioners could withdraw their pension, in this pensioners had to go to the bank for verification at the time of starting their pension, on changing the city, PPO transfer had to be done from another branch of the same bank for pension payment, now all these hassles have been resolved, this is considered a big change in terms of pensioners in the new year.
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