EPFO: The Centralized Pension Payment System (CPPS) under the pension services of the Employees’ Provident Fund Organization (EPFO) has been implemented with 100% success across the country. This is a major change that will benefit pensioners.
Simultaneous payment to more than 68 lakh pensioners
Taking a historic step towards pension payment services, EPFO made simultaneous payments to more than 68 lakh pensioners of all 122 pension-disbursing regional offices of EPFO under the Employees’ Pension Scheme 1995 in December 2024. This is a huge achievement that shows how committed EPFO is to modernizing its services.
Transfer of pension amount of ₹ 1570 crore
In this process, a pension amount of ₹ 1570 crore has been transferred to pensioners’ accounts. Announcing the success of EPFO’s new pension system, Union Minister of Labour and Employment Dr. Mansukh Mandaviya said that the full implementation of the centralized pension payment system in all regional offices is a milestone. This system ensures transparency, convenience, and efficiency for pensioners.
Big relief for pensioners
This transformative initiative of EPFO facilitates pensioners to receive their pension from any bank and branch in the country. Now pensioners will not have to go here and there for physical verification and the pension distribution process has also become simpler. This is a big relief for those pensioners who move to their hometown after retirement.
A step towards modernity
Mandaviya said that CPPS is a testimony to our commitment to modernizing EPFO services and ensuring convenience, transparency, and efficiency for pensioners. This system is not only fast but also secure.
The success of the pilot project
Started from Karnal, Jammu, and Srinagar. It is known that the first pilot project of CPPS was completed in Karnal, Jammu, and Srinagar regional offices in October 2024. In this, a pension amount of about ₹ 11 crore was given to more than 49,000 pensioners. Only after this success, it was implemented across the country.
Implemented in 24 regional offices
The second pilot project started in 24 regional offices in November 2024 in which a pension amount of ₹ 213 crore was distributed to more than 9.3 lakh pensioners. This proved that this system can be successful on a large scale as well.
Pensioners will not have to go to the bank
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 pension from any bank, rather he will not need to go to the bank for any verification at the time of pension commencement and the pension will be credited immediately as soon as it is released.
Big facility for pensioners
From January 2025, CPPS will ensure the distribution of pensions across the country with no need to transfer the Pension Payment Order (PPO) from one office to another. This will be a great convenience for those pensioners who go to their hometown after retirement.
