EPS-95: Millions of pensioners of the country are going to get a big relief. After retirement, they will no longer have to visit their bank for pension verification. As soon as the pension is released by the government, its money will reach your bank account.
For this, the government has successfully tested the Centralized Pension Payment System (CPPS) under the Employees’ Pension Scheme-1995 (EPS-95). Now it is expected that CPPS will soon be implemented in the whole country.
EPFO makes an agreement with banks for pension
According to a report by news agency PTI, Labour and Employment Minister Mansukh Mandaviya announced the successful completion of the pilot trial of the new Centralised Pension Payment System (CPPS) under the Employees’ Pension Scheme 1995. A statement issued by the Labour Ministry said that the CPPS is a paradigm shift from the existing Pension Disbursement System (PDS), which is decentralised. In this, each zonal and regional office of the EPFO ​​enters into separate agreements with only 3-4 banks.
How does CPPS work?
In CPPS, pensioners will not need to visit the bank for any verification at the time of pension commencement and pension will be credited immediately upon release. CPPS is an important milestone in the modernization of EPMO. This system will enable pensioners to receive their pension from any branch of any bank anywhere in the country. This initiative will eliminate the long-standing challenges faced by pensioners and ensure a seamless and efficient delivery mechanism.
Pension distributed to pensioners under CPPS
Labour and Employment Minister Mansukh Mandaviya says that the pilot test of CPPS was completed on 29-30 October. During this pilot test, pension of about Rs 11 crore was distributed to more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions for October, 2024. He said that this is an important step in our efforts to transform EPFO ​​into a more robust and tech-enabled organization to better serve the needs of its members and pensioners.
Pension will continue to be available even if you change the bank or branch
The CPPS system will ensure distribution of pension all over India without transferring Pension Payment Orders (PPOs) 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.
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