Employees Provident Fund centralises pension scheme
05 Jan 2025
Employees Provident Fund Organisation (EPFO), which manages the retirement funds of all employees covered by the provident fund scheme, has brought together all the zonal and regional offices to roll out a fully centralised pension disbursement system.
EPFO completed full scale rollout of the Centralised Pension Payments System (CPPS) by disbursing about Rs1,570 crore to 6.8 million pensioners covering all 122 regional offices of EPFO for December 2024, the labour ministry said on Friday.
Under the CPPS the beneficiary will be able to draw pension from any bank as against the decentralised system where each zonal/regional office of EPFO maintains separate accounts with three or four banks.
There will also be no need for the pensioner to visit the bank for verification for initiating the pension as the amount will be immediately credited upon release, the ministry stated.
Beginning this month (January 2025) the CPPS system will also ensure disbursement of pension throughout India without having to get it transferred from one place to another or from one bank or bank branch to another, the ministry stated.
The final roll-out comes after two successful pilot trials of the CPPS – first in Karnal, Jammu and Srinagar in October 2024 with disbursement of about Rs11 crore to more than 49,000 pensioners, and second in November 2024, involving 24 regional offices disbursing about Rs213 crore to more than 9.3 lakh pensioners.
This will be a great relief to pensioners who move to their hometown after retirement.
Union labour minister Mansukh Mandaviya said with the full-scale implementation of the CPPS EPS pensioners can access their pension seamlessly from any bank, any branch, anywhere in the country.
