- Employees Pension Scheme 1995: 49 thousand EPS pensioners got 11 crore pension, minister made this announcement
- More than Rs 11 crore pension was distributed to 49 thousand EPS pensioners of Jammu, Srinagar and Karnal regions for October 2024.
Suchnaji.com, Delhi. Taking a historic step towards improving pension services, Union Minister of Labor and Employment and Youth Affairs and Sports Dr. Mansukh Mandviya announced the successful completion of the pilot test of the new Centralized Pension Payment System (CPPS) under the Employees’ Pension Scheme 1995.
ये खबर भी पढ़ें: पेंशन डिजिटल जीवन प्रमाण पत्र अभियान से जुड़ा बड़ा अपडेट
He informed that the pilot test was completed on 29th and 30th October 2024 with disbursement of pension of about Rs 11 crore for October 2024 to more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions.
Earlier, while announcing the new CPPS system, Union Minister Dr. Mansukh Mandaviya had said, “The approval of Centralized Pension Payment System (CPPS) is a significant milestone in the modernization of EPFO. With the facility of pensioners to receive their pension from any bank, any branch anywhere in the country, this initiative has now eliminated the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism.
This is an important step in the ongoing efforts to make EPFO a more robust, responsive and technology-enabled organization, committed to better meet the needs of its members and pensioners.” The existing pension disbursement system is decentralised, wherein each regional/zonal office of EPFO enters into separate agreements with only 3-4 banks. In this sense, CPPS is a paradigm shift. It will not require pensioners to visit the bank for any verification at the time of pension commencement and pension will be credited to the pensioners account as soon as it is released.
The CPPS system will ensure disbursement of pension across India, and there will be no need to send Pension Payment Orders (PPOs) from one office to another, even if the pensioner moves from one place to another or changes his bank or branch. This will be a big relief for pensioners who move to their hometowns after retirement.
The new CPPS system will be fully implemented by January 2025 as part of EPFO’s ongoing IT modernisation project Centralised IT Enabled System (CITES 2.01). This will benefit over 78 lakh EPS pensioners of EPFO.
EPFO is continuously working towards improving the services for EPS pensioners and the new CPPS system is a major improvement in this direction.