There is big news for lakhs of pensioners of the country. The government has now made such an arrangement that pension can be withdrawn from any bank branch in the country. Apart from this, now there will be no need to go to the bank for verification.
Labor and Employment Minister Mansukh Mandaviya on Friday announced the successful completion of the pilot trial of the new Central Pension Payment System (CPPS) under the Employees and Pensioner Scheme, 1995.
The Labor Ministry statement said that CPPS is a radical change from the existing pension disbursement system which is decentralized, with each zonal/regional office of EPFO entering into separate agreements with only 3-4 banks. Pensioners in CPPS will not need to go to the bank for any verification at the time of commencement of pension and the pension will be credited immediately on issue.
49,000 pensioners benefited
The minister said in a statement that the pilot trial was completed on October 29-30 and more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions were disbursed pensions worth around Rs 11 crore for October, 2024. Earlier, while announcing the new CPPS system, Mandaviya said, ‘CPPS is an important milestone in the modernization of EPMO.
Pension can be withdrawn anywhere in the country, the Union Minister said, by enabling pensioners to draw their pension from any bank, any branch in the country, this initiative solves the long-standing challenges faced by pensioners. and provides a smooth and efficient delivery mechanism. This is an important step in our efforts to transform EPFO into a more robust and technology-enabled organization to better serve the needs of its members and pensioners.
The CPPS system will ensure distribution of pension across 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 pensioners who move to their hometowns after retirement and then face a lot of trouble in switching banks.
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