Excellent news for EPS pensioners! The Union Minister of Labour and Employment and Chairperson, Central Board of Trustees, EPF has given the inexperienced gentle to the proposal for a Centralized Pension Cost System (CPPS) for the Workers’ Pension Scheme, 1995.
This centralized system on the nationwide stage will permit pension disbursement by way of any financial institution department throughout the nation, representing a big change.
The power can be launched as a part of EPFO‘s ongoing IT modernization mission, Centralized IT Enabled System (CITES 2.01), ranging from January 1, 2025. Within the subsequent part, CPPS will facilitate a easy transition to the Aadhaar-based fee system (ABPS).
Commenting on this new step, Union Minister Dr. Mansukh Mandaviya stated, “The approval of the Centralized Pension Cost System (CPPS) marks a big milestone in modernization of the EPFO. By enabling pensioners to obtain their pensions from any financial institution, any department, wherever within the nation, this initiative addresses the long-standing challenges confronted by pensioners and ensures a seamless and environment friendly disbursement mechanism. This can be a essential step in our ongoing efforts to rework the EPFO right into a extra strong, responsive, and tech-enabled group, dedicated to serving the wants of its members and pensioners higher.”
The CPPS is anticipated to profit over 78 lakh EPS pensioners of EPFO by leveraging superior IT and banking applied sciences, offering a extra environment friendly and user-friendly expertise for pensioners.
The brand new system will guarantee pension disbursement all through India with out the necessity for transferring Pension Cost Orders (PPO) between places of work, even when pensioners relocate or change their financial institution or department. It will vastly profit pensioners who return to their hometowns after retirement.
The CPPS represents a big shift from the present decentralized pension disbursement system, the place every Zonal/Regional Workplace of EPFO maintains separate agreements with just a few banks.
Pensioners will not want to go to the department for verification on the graduation of their pension, and the pension can be credited instantly upon launch. Furthermore, EPFO anticipates a considerable discount in pension disbursement prices after transitioning to the brand new system.
This centralized system on the nationwide stage will permit pension disbursement by way of any financial institution department throughout the nation, representing a big change.
The power can be launched as a part of EPFO‘s ongoing IT modernization mission, Centralized IT Enabled System (CITES 2.01), ranging from January 1, 2025. Within the subsequent part, CPPS will facilitate a easy transition to the Aadhaar-based fee system (ABPS).
Commenting on this new step, Union Minister Dr. Mansukh Mandaviya stated, “The approval of the Centralized Pension Cost System (CPPS) marks a big milestone in modernization of the EPFO. By enabling pensioners to obtain their pensions from any financial institution, any department, wherever within the nation, this initiative addresses the long-standing challenges confronted by pensioners and ensures a seamless and environment friendly disbursement mechanism. This can be a essential step in our ongoing efforts to rework the EPFO right into a extra strong, responsive, and tech-enabled group, dedicated to serving the wants of its members and pensioners higher.”
The CPPS is anticipated to profit over 78 lakh EPS pensioners of EPFO by leveraging superior IT and banking applied sciences, offering a extra environment friendly and user-friendly expertise for pensioners.
The brand new system will guarantee pension disbursement all through India with out the necessity for transferring Pension Cost Orders (PPO) between places of work, even when pensioners relocate or change their financial institution or department. It will vastly profit pensioners who return to their hometowns after retirement.
The CPPS represents a big shift from the present decentralized pension disbursement system, the place every Zonal/Regional Workplace of EPFO maintains separate agreements with just a few banks.
Pensioners will not want to go to the department for verification on the graduation of their pension, and the pension can be credited instantly upon launch. Furthermore, EPFO anticipates a considerable discount in pension disbursement prices after transitioning to the brand new system.
