There is big news for millions of pensioners in the country. The government has now implemented a system that allows pensions to be withdrawn from any bank branch in the country. Apart from this, now there will be no need to go to the bank and get verification done. Labor and Employment Minister Mansukh Mandaviya on Friday announced the successful completion of the pilot trial of the new Centralized Pension Payment System (CPPS) under the Employees' Pension Scheme 1995.
The Labor Ministry statement said that CPPS is a perfect change from the existing pension disbursement system which is decentralized, in which each zonal/regional office of EPFO enters into separate agreements with only 3-4 banks. In CPPS, pensioners will not need to go to the bank for any verification at the time of pension commencement and the pension will be deposited immediately upon release.
49 thousand pensioners got the facility
The minister said in the statement that the pilot test was completed on October 29-30 and a pension of about Rs 11 crore was distributed to more than 49,000 EPS pensioners of Jammu, Srinagar, and Karnal regions for October 2024. Earlier, while announcing the new CPPS system, Mandaviya had said, 'CPPS is an important milestone in the modernization of EPMO.
Pension can be withdrawn anywhere in the country.
The Union Minister said, that by enabling pensioners to receive their pension from any bank, any branch anywhere in the country, this initiative addresses the long-standing challenges pensioners face and ensures a seamless and efficient delivery mechanism. This is an important step in our efforts to transform EPFO into a more robust and tech-enabled organization better to serve the needs of its members and pensioners.
No hassle even if you move from one office to another
The CPPS system will ensure the distribution of pensions across India without transferring 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 those pensioners who move to their hometown after retirement and then have to go through a lot of trouble in changing their bank.
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