Pension : Pensioners of the Employees’ Provident Fund Organization ( EPFO ) will now be able to withdraw pension from any bank. EPFO has completed the implementation of the Centralized Pension Payment System (CPPS) in all its regional offices across the country.
Giving this information on Friday, the Labor Ministry said that more than 68 lakh pensioners will benefit from this. The ministry said that CPPS is a paradigm shift from the current pension distribution system, which is decentralized. In this, each divisional or regional office of EPFO makes separate agreements with only three-four banks.
Under the Centralized Pension Payment System (CPPS), beneficiaries will be able to withdraw pension from any bank and there will be no need to go to the bank for verification at the time of pension commencement. The amount will be deposited immediately upon release. The statement said that from January 2025, the CPPS system will ensure distribution of pension across India and there will be no need to transfer the Pension Payment Order (PPO) from one office to another despite the pensioners moving to another place or changing their bank or branch. This will provide great relief to those pensioners who go to their hometown after retirement.
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The ministry said in a statement that the first pilot project of CPPS was completed in Karnal, Jammu and Srinagar regional offices in October last year. In this, pension of about Rs 11 crore was distributed to more than 49,000 EPS pensioners. According to the statement, the second pilot project was started in November in 24 regional offices, where pension of about Rs 213 crore was distributed to more than 9.3 lakh pensioners.
The statement said that in a historic step towards enhancing pension services, the Employees’ Provident Fund Organisation (EPFO) implemented the new CPPS under the Employees’ Pension Scheme 1995 on a full scale in December. Pension of about Rs 1,570 crore was distributed to over 68 lakh pensioners belonging to all 122 pension disbursing regional offices of EPFO for December 2024.
