EPFO Latest Update: Pension From Any City, Any Bank - 78 Lakh Pensioners To Benefit - Details

The Employees' Provident Fund Organisation ( EPFO ) has successfully implemented its Centralized Pension Payments System (CPPS) across all regional offices in India, a crucial step that will benefit over 78 lakh pensioners.

EPFO ‘s CPPS Scheme

The Centralized Pension Payment System (CPPS) for Employees' Pension Scheme, 1995, is administered by the Ministry of Labor and Employment. By creating a national-level consolidated system that permits pension payout through any bank or branch in India, the CPPS represents a significant change. 

EPFO: CPPS Beneficiaries

 
Over 78 lakh EPFO EPS pensioners are anticipated to benefit from the Centralized Pension Payment System. Pensioners will benefit from a more effective, frictionless, and user-friendly experience thanks to the utilization of cutting-edge IT and financial technology.

Additionally, the CPPS would guarantee pension payments across India without requiring the transfer of Pension Payment Orders (PPO) from one office to another, even in the event that the pensioner relocates or switches banks or branches. Pensioners who retire and relocate to their hometown would greatly benefit from this.

EPFO’s CPPS: Details 

Part of EPFO's Centralized IT Enabled System, an ongoing IT modernization initiative, is this facility. Compared to the current decentralized pension disbursement system, where each Zonal/Regional Office of EPFO maintains separate arrangements with only three to four banks, the CPPS represents a fundamental shift.

At the time of pension commencement, pensioners will also not need to visit the branch for any verification, and the pension would be credited right away after release. After switching to the new method, EPFO also anticipates large cost savings in pension disbursements.