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Starting January 1, 2025, pensioners under the Employees' Pension Scheme ( ePs ) will be able to receive their pensions from any bank across the country, marking a significant improvement in convenience and accessibility for over 78 lakh pensioners of the Employees' Provident Fund Organisation ( EPFo ). Union Labour and Employment Minister, Dr Mansukh Mandaviya, made the announcement, highlighting the government's approval of the Centralised Pension Payment System(CPPS), a major modernization initiative aimed at transforming EPFo into a more efficient and tech-driven organisation.
According to Dr Mandaviya, the centralised system will eliminate several longstanding issues faced by pensioners. A key feature of the new system is the flexibility it offers pensioners to access their pension funds from any bank branch nationwide ensuring seamless disbursement even if a pensioner relocates or changes their bank.
Currently, pensioners often face difficulties if they move to a new city or change banks, as they are required to transfer their Pension Payment Order (PPo) to the new location. With the CPPs in place, this cumbersome process will be eliminated, allowing for uninterrupted pension payments without the need to update or transfer.
Dr Mandaviya also emphasised that the new system removes the need for pensioners to physically visit a bank branch for verification when their pension starts. Under the CPPS, pensions will be automatically credited to the pensioner's account upon release, streamlining the entire process. This marks a significant step in the government's ongoing efforts to make the EPFo more responsive and user-friendly.
The Centralised Pension Payment System is expected to address the current logistical challenges associated with pension disbursement, providing a unified and technologically advanced solution.