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

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

Taking a historic step towards pension payment services, EPFO ​​has simultaneously paid pensions to 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 transformational initiative of EPFO ​​​​enables pensioners to get their pension from any bank and branch anywhere in the country. In this, there is no need for pensioners to come and go for physical verification and the pension distribution process is simple.

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

Mandaviya said that CPPS is proof of our commitment to modernizing EPFO ​​​​services and ensuring 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, a pension of about Rs 11 crore was paid to more than 49,000 pensioners.

Pensioners will be able to take a pension from any bank.

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

From January 2025, CPPS will ensure the distribution of pensions 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.

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