Union Minister of Labour and Employment and Chairperson of the Central Board of Trustees, EPF, has approved the proposal for a Centralized Pension Payment System (CPPS) under the Employees’ Pension Scheme, 1995. This national-level system will enable over 78 lakh EPS pensioners to receive pensions through any bank, at any branch, across India, eliminating the need for transferring Pension Payment Orders (PPO) when a pensioner relocates or changes their bank.
Union Minister Dr. Mansukh Mandaviya called the CPPS a significant milestone in modernizing the Employees’ Provident Fund Organization (EPFO), enhancing convenience for pensioners by addressing long-standing challenges. He emphasized that the initiative reflects the government’s commitment to making the EPFO more responsive and tech-driven.
The CPPS will streamline the pension disbursement process by integrating advanced IT and banking technologies, offering pensioners a seamless and efficient experience. This step is expected to greatly benefit pensioners who move to their hometowns or change banks after retirement.
