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Pensioners of Employees Provident Fund Organization (EPFO) will now be able to withdraw pension from any bank. EPFO has completed the implementation of Centralized Pension Payment System (CPPS) in all its regional offices across the country. Giving this information on Friday, the Labor Ministry said that more than 68 lakh pensioners will benefit from this.

The ministry said that the CPPS is a paradigm shift from the existing pension delivery system, which is decentralised. In this, each regional/regional office of EPFO ​​enters into separate agreements with only three-four banks. Under CPPS, beneficiaries will be able to withdraw pension from any bank and will not need to visit the bank for verification at the time of commencement of pension. The amount will be deposited immediately upon release.

Service started from January 2025

The CPPS system will ensure distribution of pension across India from January, 2025 and there will be no need to transfer Pension Payment Orders (PPOs) from one office to another even if pensioners move to another location or change their bank or branch. Will happen.

Which pensioners will benefit?

This will provide great relief to those pensioners who go to their hometowns after retirement. The ministry said in a statement that the first pilot project of CPPS was completed in Karnal, Jammu and Srinagar regional offices in October last year. In this, pension worth about Rs 11 crore was distributed to more than 49,000 EPS pensioners.

The second pilot project was launched in November in 24 regional offices, where pensions worth about Rs 213 crore were distributed to more than 9.3 lakh pensioners. In a historic step towards enhancing pension services, the Employees' Provident Fund Organization (EPFO) implemented the new CPPS on a full scale under the Employees' Pension Scheme 1995 in December.

Pensions worth about Rs 1,570 crore were distributed to more than 68 lakh pensioners belonging to all 122 pension disbursement regional offices of EPFO ​​for December, 2024.