Retirement New Rules: The pilot run of this new system was successfully completed on 29th and 30th October 2024 in Jammu, Srinagar and Karnal regions under which pension worth Rs 11 crore was disbursed for the month of October to more than 49,000 pensioners.
EPFO CPPS PENSION FACILITY: There is a relief news for EPFO account holders and private sector employees. Pensioners covered under the pension scheme of the Employees’ Provident Fund Organization (EPFO) will be able to withdraw their pension from any bank or its branch. This facility will come into effect from January 1, 2025. More than 78 lakh EPS pensioners of EPFO are expected to benefit from the new system.
In fact, in September, the Central Government approved the proposal for Centralized Pension Payment System (CPPS) for the Employees’ Pension Scheme, 1995, which will make it possible to get pension through any bank, any branch across India. Under the pilot run of the Centralized Pension Payments System (CPPS) to be implemented from January, about Rs 11 crore has been given as pension to more than 49000 EPS pensioners of Jammu, Srinagar and Karnal areas in October. Labor and Employment Minister Mansukh Mandaviya gave this information on Friday.
How will you get the benefit of pension
- When CPPS is implemented, there will be no need to transfer pension payment order even if the pensioner moves from one city to another or changes the bank or branch and pension can be received from any bank branch across the country.
- The current pension distribution system is decentralized, in which each regional/zonal office of EPFO makes separate agreements with only 3-4 banks. In this sense, CPPS is a perfect change. In this, pensioners will not need to go to the bank for any verification at the time of starting the pension and the pension will be deposited in the pensioners’ account as soon as it is released. Through this, pensioners will be able to get their pension from any bank and any branch in the country.
What is CPPS system
- The CPPS system will ensure distribution of pension across India, and there will be no need to send Pension Payment Order (PPO) from one office to another, even if the pensioner moves from one place to another or changes his bank or branch.
- This will be a big relief for those pensioners who move to their hometown after retirement. The new CPPS system will be fully implemented by January 2025 as part of EPFO’s ongoing IT modernization project Centralized IT Enabled System (CITES 2.01).
- This will benefit more than 78 lakh EPS pensioners of EPFO. EPFO is continuously working towards improving services for EPS pensioners and the new CPPS system is a major improvement in this direction.
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