EPS Pension's new payment system will benefit 78 lakh people; Know how the new CPPS will work
EPS Pension Payment, New CPPC Pension System: The new CPPS is going to bring a big change in the pension system, as the existing pension system is decentralized.
On Friday, Union Labour and Employment Minister Dr. Mansukh Mandaviya declared the success of the pilot run of the new Centralized Pension Payment System (CPPS) under the Employees' Pension Scheme-1995 to enhance pension services. He said that the pilot run was completed on October 29-30 with pension disbursal of about Rs 11 crore for October to more than 49,000 EPS pensioners of Jammu, Srinagar, and Karnal regions.
The new CPPS will mark a sea change in the pension system, as the existing pension system is decentralized and every zonal and regional EPFO office has separate agreements with 3 to 4 banks. In the new CPPS, there is no need for pensioners to go to the bank and have verification for getting a pension. As soon as the pension arrives, it will be credited into the bank account immediately.
The Union Minister said that through the new system, pensioners can receive a pension in any bank or branch anywhere in the country. It addresses the long-standing challenges of pensioners and ensures a seamless and efficient disbursement mechanism. The new CPPS system will be fully operational by January 2025 as part of EPFO's ongoing IT modernization project Centralized IT Enabled System (CITES 2.01) and will benefit over 78 lakh EPS pensioners of EPFO.
Earlier, while announcing the new CPPS system, Dr. Mandaviya had said that the Centralized Pension Payment System (CPPS) is a milestone in the modernization of EPFO. This is an important 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.
