New Delhi. There is big news for millions of pensioners of the country. The government has now made such arrangements that pension can be withdrawn from any bank branch in the country.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 test of the new Centralized Pension Payment System (CPPS) under the Employees’ Pension Scheme 1995.
The labour ministry statement said that CPPS is a paradigm shift from the existing pension disbursement system which is decentralised, wherein each zonal/regional office of EPFO enters into separate agreements with only 3-4 banks. In CPPS, pensioners will not be required to visit the bank for any verification at the time of pension commencement and pension will be credited immediately upon release.
49 thousand pensioners got the facility
The minister said in the statement that the pilot test was completed on October 29-30 and pension of about Rs 11 crore was distributed to more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions for October, 2024. Earlier, while announcing the new CPPS system, Mandaviya had 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Pension can be withdrawn anywhere in the country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 receive their pension from any bank, any branch anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient delivery mechanism. 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.
No problem even if you change your location
The CPPS system will ensure the distribution of pension across India without transferring the Pension Payment Orders (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 and then have to go through a lot of trouble in changing their bank.
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