Pension can be withdrawn from any bank anywhere, a big facility for 68 lakh pensioners, an initiative of EPFO:EPFO has launched the Centralized Pension Payment System (CPPS) in all its regional offices across the country. This initiative of EPFO will be a big relief to those pensioners who move to their hometown after retirement.

There is a relief news for 68 lakh pensioners associated with EPFO. Retirement fund body EPFO has started the Centralized Pension Payment System (CPPS) in all its regional offices across the country. According to PTI news, with the introduction of this system, any beneficiary will be able to withdraw pension from any bank and there will be no need to go to the bank for verification at the time of starting the pension. Also, the amount will be deposited immediately after release. The Labor Ministry gave this information on Friday.

Effective from January 2025

According to the news, the ministry said in a statement that the CPPS system to be implemented from January 2025 will ensure the distribution of pension across India and there will be no need to transfer the Pension Payment Order (PPO) 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. CPPS is a perfect change from the existing pension distribution system, which is decentralized, in which each regional/zonal office of EPFO enters into separate agreements with only 3-4 banks.

New CPPS implemented on full scale

The first pilot project of the centralised pension payment system was completed in October last year in Karnal, Jammu and Srinagar regional offices, where pension of about Rs 11 crore was disbursed to over 49,000 EPS pensioners. The second pilot was launched in November in 24 regional offices, where pension of about Rs 213 crore was disbursed to over 9.3 lakh pensioners. According to the statement, taking a historic step towards enhancing pension services, EPFO full-scale implementation of the new CPPS under the Employees' Pension Scheme 1995 in December.

The right to access your pension with ease

Pension of about Rs 1,570 crore was disbursed to more than 68 lakh pensioners belonging to all 122 pension disbursing regional offices of EPFO for December 2024. On this occasion, Union Minister Mansukh Mandaviya said that the full-scale implementation of CPPS in all the regional offices of EPFO is a historic milestone. This transformational initiative empowers pensioners to access their pension seamlessly from any bank, any branch anywhere in the country.