Big relief for pensioner’s. Under the pilot run of the Centralised Pension Payments System (CPPS) to be implemented from January 1 next year, about Rs 11 crore was disbursed as pension to over 49000 EPS pensioners in Jammu, Srinagar, and Karnal areas in October. Labor and Employment Minister Mansukh Mandaviya gave this information on Friday.
CPPS
Under the Employees Pension Scheme 1995, CPPS will change that pensioners will not have to go to the bank for verification at the time of pension start and the pension will also reach their account as soon as it is released. At present, every zonal or regional office of EPFO has an agreement with only 3-4 banks, and this work is done through them.
When CPPS is implemented, the pensioner will not need to transfer the pension payment order even after moving from one city to another or changing the bank or branch, and the pension will be available from any bank branch across the country.
What is CPPS?
It is a pension scheme. This allows pensioners to get their pension from any bank branch in the country. Under CPPS, pensioners will not have to visit banks for pension on changing banks or transferring accounts. Pensioners will be able to take their pension from any bank and any branch in the country through this.
What is the system now?
Under the present system, each zonal office has separate agreements with only 3-4 banks. Under CPPS, pensioners will not be required to visit the branch for any verification at the time of commencement of pension, and the pension will be credited immediately. Meaning that CPPS is a significant change from the existing pension distribution system.
This facility will be available
Pensions through CPPS will be given all over India without transfer from one office to another and without any pension payment order. Whether the pensioner moves from one place to another or changes his bank or branch. This will be a big relief for those pensioners who move to their hometowns after retirement.