New Delhi: Union Labour and Employment Minister Mansukh Mandaviya announced that on Friday new Employee Pension Scheme 1995 successful pilot completion of a new Centralised Pension Payment System. The Ministry of Labour stated in its letter that CPPS is a revolutionary improvement from the current structure we have today where every zonal or regional EPFO office signs agreements with three to four banks on its own. As per the current provisions of the CPPS, pensioners will not have to go to a bank for any verification, so that their pensions are automatically credited without delay.
The pilot testing was conducted on 29-30, October and the amount of Pension of around ₹11 crore was given to more than 49000 pensioners of Jammu, Srinagar, Karnal for October 2024. Mandaviya acknowledged that CPPS is a record achievement in the”)}
modernisation process of the EPFO. Intended to make pensioner to capture their pensions from any branch of any bank across the entire country, CPPS responds to previously existing problems for pensioners and striving to establish feeless system.
During his statement, Mandaviya said that this system will increase EPFO’s working capacity, especially in providing better pension services to pensioners and develop EPFO as a technology-oriented organisation. It helps in transferring pension across India as far as pension distribution is concerned without having to transfer PPOs between offices irrespective of where pensioner moves or changes his bank. This has been anticipated to give a lot of comfort to pensioners especially those who move to their village after retirement.
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