New Delhi
A new Centralised Pension Payments System (CPPS) under the Employees’ Pension Scheme 1995 has successfully completed its pilot run, Union Minister of Labour and Employment, Dr. Mansukh Mandaviya, announced on Friday. The new system is designed to improve the efficiency and convenience of pension disbursement for over 78 lakh EPS pensioners.
The pilot, which took place on October 29-30, saw the disbursement of approximately Rs 11 crore in pension payments to more than 49,000 pensioners in Jammu, Srinagar, and Karnal regions.
With the CPPS, pensioners will be able to receive their payments from any bank or branch across India, addressing long-standing challenges with the current system. Previously, pension disbursements were decentralized, and pensioners were restricted to specific banks. The new system eliminates the need for pensioners to visit the bank for verification when their pension starts, ensuring quicker and more seamless transactions.
The full rollout of the CPPS will be completed by January 2025 as part of the EPFO’s ongoing IT modernization project. Minister Mandaviya highlighted that this system is a major step toward modernizing the EPFO, transforming it into a more tech-enabled and responsive organization.
The new system will also make it easier for pensioners to move across locations or change banks without the hassle of transferring Pension Payment Orders (PPOs), providing much-needed relief for those who relocate after retirement.
