New Delhi: Dr Mansukh Mandaviya, Minister of Labor and Employment and Youth Affairs and Sports, announced that the trial run of the new Centralized Pension Payment System (CPPS) under the Employees’ Pension Scheme, 1995 has been successfully completed .
He mentioned that the pilot work was completed on October 29 and 30, 2024, and pension payments of approximately Rs 110 million were made to over 49,000 EPS pensioners in Jammu, Srinagar and Karnal districts in October 2024 gold.
Earlier, while announcing the new CPPS system, Union Minister Dr Mansukh Mandaviya said, “The approval of the Centralized Pension Payment System (CPPS) marks an important milestone in the modernization of EPFO. This initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism as part of our ongoing efforts to transform EPFO into a stronger and more responsive one. A crucial step for a responsive, technology-enabled organization dedicated to better meeting the needs of its members and pensioners.
CPPS is a paradigm shift from the existing decentralized pension payment system, where each divisional/regional office of EPFO maintains separate agreements with only 3-4 banks. A press release from the Ministry of Labor and Employment said that in CPPS, pensioners do not need to go to the bank for any verification when receiving pension, and the pension will be credited immediately when receiving it.
The CPPS system will also ensure pension payments across India without the need to transfer Pension Payment Orders (PPOs) from one office to another even if the pensioner moves from one location to another or changes banks or branches. an office. This will be a big relief to pensioners who have moved back to their hometowns after retirement, the report added.
The new CPPS system will be fully rolled out by January 2025 as part of EPFO’s ongoing IT modernization project Centralized IT Support System (CITES 2.01) and will benefit over 7.8 million EPS pensioners of EPFO.
