EPFO rolls out centralized pension system in all regional offices; 68 lakh pensioners to benefit: There is good news for lakhs of pensioners across the country. Centralized Pension Payment System (CPPS) has been implemented in all the regional offices of EPFO across the country. More than 68 lakh pensioners of EPFO will benefit from the new system. Now they will be able to withdraw pension from any bank, anywhere.
Central Labor Dr. Mansukh Mandaviya said through a post on X that centralized in all the regional offices of EPFO pension payment The system is working. He said that with the implementation of the latest system, pensioners will now be able to easily get their pension from any bank, anywhere in the country. Mandaviya described this step taken by the government towards improving the lifestyle of the elderly as a big achievement.
A Major Milestone in Modernizing EPFO!
EPFO’s Centralized Pension Payments System is now fully operational. This modern system ensures that pensioners can access their pensions from any bank, anywhere in India swiftly and hassle-free.
Under the leadership of PM Shri… pic.twitter.com/AvuEmxC80y
— Dr Mansukh Mandaviya (@mansukhmandviya) January 3, 2025
Announcing the successful rollout, Union Minister Mansukh Mandaviya said that the full implementation of the Centralized Pension Payment System is a historic milestone. This initiative allows pensioners to withdraw their pension from any bank anywhere in the country. themSaid that the Centralized Pension Payment System eliminates the need for physical verification visits and simplifies the pension disbursement process. He said that this system symbolizes our commitment towards modernizing EPFO services and ensuring convenience, transparency and efficiency for our pensioners.
CPPS is a paradigm shift from the existing pension disbursement system which is decentralised, in which each regional office of EPFO enters into separate agreements with only 3 to 4 banks. In CPPS, not only will the pensioner be able to take pension from any bank, but the pensioner will not need to visit the bank for any verification at the time of commencement of pension and the pension will be credited immediately upon release.
The centralized pension payment system from January 2025 will ensure distribution of pension across India, and there will be no need to transfer pension payment orders (PPOs) from one office to another, even if pensioners move from one place to another or change their pension. Change bank or branch. This will be a big relief for those pensioners who go to their home district after retirement.EPFO is continuously working towards improving services for EPS pensioners and the new CPPS system is a major improvement in this direction.
Under the Centralized Pension Payment System, beneficiaries will be able to withdraw their pension from any bank and there will be no need to go to the bank when the pension starts. The amount will be deposited in their account immediately upon release. From January 2025, the Centralized Pension Payment System will ensure pension distribution across India, without transferring any Pension Payment Order (PPO) from one office to another. This will be a great relief for those pensioners who return to their hometown after retirement.
The first pilot of the Centralized Pension Payment System was completed in October last year in Karnal, Jammu and Srinagar regional offices, in which pension worth about Rs 11 crore was disbursed to 49,000 EPS pensioners. The second pilot was conducted in 24 regional offices in November, where pension worth about Rs 213 crore was distributed to 9.3 lakh pensioners.EPFO in December carried out the full rollout of the new Centralized Pension Payment System under the Employees’ Pension Scheme 1995, disbursing pensions worth about Rs 1,570 crore to over 68 lakh pensioners for December 2024.
