New CPPC Pension System: The new CPPS is going to bring a big change in the pension system, because the current pension system is decentralized.
EPS Pension Payment: Union Minister of Labor and Employment Dr. Mansukh Mandaviya on Friday declared the pilot run of the new Centralized Pension Payment System (CPPS) under the Employees’ Pension Scheme-1995 successful with the aim of enhancing pension services. He said that the pilot run was completed on October 29-30 with pension disbursal of about Rs 11 crore for October to over 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions.
The new CPPS will bring a big change in the pension system
The new CPPS is going to bring a big change in the pension system, because the existing pension system is decentralized and every zonal and regional EPFO office has separate agreements with 3 to 4 banks. In the new CPPS, pensioners will not need to go to the bank and get verification to get pension. As soon as the pension arrives, it will be immediately credited to the bank account.
You can withdraw pension from here through the new system
The Union Minister said that through the new system, pensioners can receive pension in any bank or branch anywhere in the country. This addresses the long-standing challenges of pensioners and ensures a seamless and efficient disbursement mechanism. The new CPPS system will be fully rolled out by January 2025 as part of EPFO’s ongoing IT modernisation project Centralised IT Enabled System (CITES 2.01) and will benefit over 78 lakh EPS pensioners of EPFO.
Union Minister of Labor and Employment said this
Earlier, while announcing the new CPPS system, Dr. Mandaviya had said that the Centralized Pension Payment System (CPPS) is a milestone in the modernization of EPFO. This is an important step in our ongoing efforts to transform EPFO into a more robust, responsive and tech-enabled organization, committed to better serving the needs of its members and pensioners.
