New Delhi: The EPFO has completed the full-scale rollout of the new Centralised Pension Payments System (CPPS) across all its disbursing offices in a landmark move towards enhancing pension services, the Ministry for Labour and Employment said.
About Rs 1,570 crore was disbursed as the pension amount to more than 68 lakh pensioners pertaining to all the 122 pension disbursing regional offices of EPFO for December 2024, the Ministry said.
The CPPS is a paradigm shift from the existing pension disbursement system that is decentralised, with each Zonal/Regional Office of EPFO maintaining separate agreements with only 3-4 banks. In CPPS, not only will the pensioner be able to take a pension from any bank, but there will also be no need for pensioners to visit the bank for any verification at the time of commencement of pension and the pension will be immediately credited upon release.
The CPPS system will also ensure, from January 2025 onwards, the disbursement of pensions throughout India without any need for transfer of Pension Payment Orders (PPO) from one office to another even when the pensioner moves from one location to another or changes his bank or branch. This would be a great relief to pensioners who move to their hometown after retirement.
Announcing the successful rollout, Union Minister Dr Mansukh Mandaviya said: “The full-scale implementation of the Centralised Pension Payments System across all Regional Offices of EPFO is a historic milestone. This transformative initiative empowers pensioners to access their pension seamlessly from any bank, any branch, anywhere in the country. It eliminates the need for physical verification visits and simplifies the pension disbursement process.”
“CPPS is a testament to our commitment to modernising EPFO services and ensuring convenience, transparency, and efficiency for our pensioners. With this rollout, we are setting a new benchmark in pension service delivery, aligning with the vision of a tech-enabled and member-centric EPFO,” he added.
The first pilot of the CPPS was successfully completed in October 2024 in the Karnal, Jammu, and Srinagar Regional Offices with the pension disbursement of about Rs 11 crore to more than 49,000 EPS Pensioners. The second pilot was taken up in November 2024 in 24 Regional Offices in which around Rs 213 crore pension was disbursed to more than 9.3 lakh pensioners.
(IANS)
