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The Ministry of Labour and Employment on Friday said that about ₹1,570 crore have been disbursed to over 68 lakh pensioners, pertaining to all the EPFO’s 122 pension-disbursing regional offices for December 2024.
As part of this project, the first pilot of CPPS was successfully completed in October last year in Karnal, Jammu and Srinagar regional offices through the disbursement of about ₹11 core to more than 49,000 EPS pensioners.
In November 2024, the second pilot was taken up across 24 regional offices, wherein around ₹213 crore pension was disbursed to over 9.3 lakh pensioners.
EPFO completed the full-scale rollout of CPPS under the Employees’ Pension Scheme 1995 in December last year.
What is CPPS?
According to the central ministry, the Centralised Pension Payments System (CPPS) is a paradigm shift from the existing pension disbursement system, which is decentralised. Under the existing system, each of the EPFO’s zonal/regional offices maintains separate agreements with only three to four banks.
However, with the introduction of CPPS, the pensioner will now be allowed to take his/her pension from any bank. Also, the pensioners will not be required to visit the bank for any verification at the time of commencement of pension.
Under the CPPS, the pension will be immediately credited upon release.
From January 2025 onwards, the CPPS will also ensure the disbursement of pensions across the country without the requirement of transferring the Pension Payment Orders (PPO) from one office to another even at times when a pensioner shifts from one location to the other or changes his bank or branch.
“This would be a great relief to pensioners who move to their hometown after retirement,” the Labour Ministry said.
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
Union Minister Mansukh Mandaviya has termed the full-scale implementation of CPPS as 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,” Mandaviya said.
He added that this system is a testament to the central government’s commitment towards modernising EPFO services and “ensuring convenience, transparency, and efficiency for our pensioners.”
