Big news for EPFO members. Now you can easily withdraw the money from anywhere. The new service is going to start soon. Yes, you’ve heard it right. The pilot run of the Centralised Pension Payment System (CPPS) has been successfully completed recently, and the need for the transfer of Pension Payment Orders (PPOs) has been eliminated.
After this, the way has been cleared for EPFO members to withdraw pensions from anywhere in the country. That is, members involved in the Employee Pension Scheme (EPS) can now get their pension from anywhere in the country. According to the information received, this service will start for all EPFO members from January of next year, i.e., 2025. After this, they will be able to withdraw their pension from any part of the country.
Mansukh Mandaviya makes big announcement
Union Labour and Employment Minister Mansukh Mandaviya had last week announced the successful completion of the pilot run of CPPS under the Employees’ Pension Scheme 1995. Speaking on the occasion, the Union Minister said that the pilot run has been completed on 29th and 30th October 2024, under which pensions of about Rs 11 crore will be disbursed for October 2024 to more than 49,000 EPS pensioners of Jammu, Srinagar, and Karnal regions.
How the Centralized Pension Payment System will Work
The union minister said that the approval of CPPS is an important milestone in the modernization of EPFO and enables pensioners to get their pension from any bank, any branch anywhere in the country. This initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism. “This is a significant step in our ongoing efforts to transform EPFO into a more robust, responsive, and tech-enabled organization committed to better serving the needs of its members and pensioners,” he said.
When will EPFO start for members across the country?
As part of EPFO’s ongoing IT modernization project Centralized IT Enabled System (CITES 2.01), the new CPPS system will be fully operational by January 2025 and will benefit more than 78 lakh EPS pensioners of EPFO. EPFO has been continuously working towards improving services for EPS pensioners, and the new CPPS system is a major reform in this direction.
The 109th meeting of the Executive Committee of the Central Board of EPFO on October 10 discussed steps to enable centralized pension payments as well as improvements in IT-related software and hardware and noted the timelines for completing the overhaul of the IT system. The Executive Committee is a statutory committee under the EPF Act, 1952, whose function is to assist the Central Board, EPF, in the discharge of its functions.