The pilot run of Centralized Pension Payments System (CPPS) has been successfully completed recently, enabling smooth pension disbursement for Employees’ Pension Scheme (EPS) members in any part of the country without any need for transfer of Pension Payment Orders (PPO).
Union Minister of Labour & Employment Mansukh Mandaviya last week announced successful completion of pilot run of the CPPS under Employees’ Pension Scheme 1995.
On this occasion, the union minister said the pilot run was completed on 29th and 30th October 2024 with the pension disbursement of about Rs 11 Crore for October 2024 to more than 49,000 EPS Pensioners of Jammu, Srinagar and Karnal Regions.
How will this Centralized Pension Payments System work?
Mandaviya said that the approval of the CPPS marks a significant milestone in modernization of the EPFO and by enabling pensioners to receive their pension from any bank, any branch, anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism.
“This is a crucial step in our ongoing efforts to transform the EPFO into a more robust, responsive, and tech-enabled organization, committed to serving the needs of its members and pensioners better,” he added.
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When will Centralized Pension Payments System be rolled out for EPFO members across the country?
The new CPPS system will be fully rolled out as part of EPFO’s ongoing IT modernization project Centralized IT Enabled System (CITES 2.01) by January 2025 and will benefit more than 78 lakh EPS pensioners of EPFO.
EPFO is continuously working towards improving services for EPS pensioners and new CPPS system is a major reform in this direction.
At the 109th Meeting of Executive Committee of Central Board, EPFO, on October 10, Steps to enable centralized pension payment as well as the interventions in improving IT related software and hardware were discussed, and timelines for completion of overhaul of the IT system were noted.
The Executive Committee is a statutory committee under the EPF Act, 1952 with the mandate of rendering assistance to the Central Board, EPF in the discharge of its functions.
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