Starting January 1, 2025, EPS pensioners can receive their pensions from any bank branch across India, thanks to the newly approved Centralized Pension Payment System (CPPS).
INVC NEWS
New Delhi : The Union Minister of Labour and Employment, Dr. Mansukh Mandaviya, has announced a significant advancement in the pension disbursement system for the Employees’ Pension Scheme (EPS) beneficiaries. From January 1, 2025, the Centralized Pension Payment System (CPPS) will allow EPS pensioners to receive their pensions from any bank branch, anywhere in India. This move, approved by the Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO), is expected to benefit over 78 lakh EPS pensioners.
The CPPS represents a major shift from the current decentralized system, where each regional or zonal office of the EPFO maintains separate agreements with a limited number of banks. By creating a national-level centralized system, pension disbursement will become more efficient, eliminating the need for pensioners to transfer their Pension Payment Orders (PPO) when moving locations or changing banks. Additionally, pensioners will no longer need to visit branches for verification, and their pensions will be credited immediately upon release.
This initiative, part of the EPFO’s IT modernization project (CITES 2.01), is set to enhance the pensioners’ experience by leveraging advanced IT and banking technologies. In its next phase, the CPPS will transition to an Aadhaar-based payment system (ABPS), further streamlining the process and reducing costs. This modernization is seen as a crucial step in transforming the EPFO into a more responsive and technology-enabled organization, ensuring a seamless pension disbursement experience across the country.
