EPFO: Government's big gift to pensioners, centralized pension payment system started; read what will be the benefit

Announcing the success of the new system of EPFO ​​​​pension, Union Labor and Employment Minister Dr. Mansukh Mandaviya said that the full implementation of the centralized pension payment system in all the regional offices is a milestone. This transformational initiative of EPFO ​​​​enables pensioners to get their pension from any bank and branch anywhere in the country.

The Centralized Pension Payment System (CPPS) under the Employees' Provident Fund Organization Pension Services has been implemented across the country with 100 percent success.

Taking a historic step towards pension payment services, EPFO ​​​​has simultaneously paid pensions into the account of more than 68 lakh pensioners related to all 122 pension distribution regional offices of EPFO ​​​​under the Employees' Pension Scheme 1995 in December 2024.

This step is a milestone: Mansukh Mandaviya.

In this, a pension amount of Rs 1570 crore has been transferred to the pensioners. Announcing the success of the new system of EPFO ​​​​pension, Union Labor and Employment Minister Dr. Mansukh Mandaviya said that the full implementation of the centralized pension payment system in all the regional offices is a milestone.

This transformative initiative of EPFO ​​​​enables pensioners to get their pension from any bank and branch anywhere in the country. It does not require the pensioners to travel for physical verification and the pension distribution process is simple.

'We are setting a new standard with the new system of pension payment'

Mandaviya said that CPPS is a proof of our commitment to modernize EPFO ​​​​services and ensure convenience, transparency and efficiency for pensioners. Through this, we are setting a new benchmark in the direction of pension payment.

It is known that the first pilot of CPPS was successfully completed in Karnal, Jammu and Srinagar regional offices in October 2024. In this, pension of about Rs 11 crore was paid to more than 49,000 pensioners.

Pensioners will be able to take pension from any bank

The second pilot started in 24 regional offices in November 2024 in which pension of Rs 213 crore was distributed to more than 9.3 lakh pensioners. Under CPPS, each regional office of EPFO ​​​​makes separate agreements with only 3-4 banks. In this, the pensioner will be able to take pension from any bank, but at the time of starting the pension, he will not need to go to the bank for any verification and the pension will be deposited immediately as soon as it is released.

From January 2025, CPPS will ensure distribution of pension across the country in which there will be no need to transfer the Pension Payment Order (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 great convenience for pensioners who go to their hometown after retirement.

Disclaimer: This content has been sourced and edited from jagran. While we have made modifications for clarity and presentation.