EPFO’s Centralised Pension System: EPS members can withdraw pension anywhere; no PPO transfer needed – Details inside

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.

Also read: EPFO Update: Diwali cheer for pensioners! EPS pension to be released early this month – Check date

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.

 » Read More

Related Articles

Q3 Results 2025 Live Updates: Hindalco, Reliance Infra, Godfrey Phillips, United Breweries, others releasing Q3 results today

Go to Live UpdatesQ3 Earnings Today Live Updates: While a number of companies have already released their Q3 numbers, others are still in the queue as the fiscal third quarter earnings season is now nearing its end. Till date, majors like Reliance Industries, Swiggy, ITC, Hindustan Aeronautics, Godrej Industries, Vodafone Idea, Bharti Airtel, SBI, Nestle

Markets flat: Nifty near 23,000, Sensex up 30 points; Zomato, Kotak Bank lead gains

Indian stock markets opened on a flat note on Thursday, with both the Sensex and Nifty trading in the green. At the opening bell, the NSE Nifty gained 10.50 points or 0.05% to 23,055.75, while the BSE Sensex surged 30.02 points or 0.04% to 76,201.10. The Nifty Bank index fell 10.10 points to 49,469.35. Ahead

NCDEX plans foray into equity & derivatives with Rs 400-600 crore investment: Report

The National Commodity & Derivatives Exchange Limited (NCDEX) said that it will foray into the equity and equity derivatives category, signifying a notable transition from its traditional agriculture-centred operations, according to a report by Mint. The board of NCDEX approved the decision to enter in derivates segment on February 12. “The Board of Directors of

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Q3 Results 2025 Live Updates: Hindalco, Reliance Infra, Godfrey Phillips, United Breweries, others releasing Q3 results today

Go to Live UpdatesQ3 Earnings Today Live Updates: While a number of companies have already released their Q3 numbers, others are still in the queue as the fiscal third quarter earnings season is now nearing its end. Till date, majors like Reliance Industries, Swiggy, ITC, Hindustan Aeronautics, Godrej Industries, Vodafone Idea, Bharti Airtel, SBI, Nestle

Markets flat: Nifty near 23,000, Sensex up 30 points; Zomato, Kotak Bank lead gains

Indian stock markets opened on a flat note on Thursday, with both the Sensex and Nifty trading in the green. At the opening bell, the NSE Nifty gained 10.50 points or 0.05% to 23,055.75, while the BSE Sensex surged 30.02 points or 0.04% to 76,201.10. The Nifty Bank index fell 10.10 points to 49,469.35. Ahead

NCDEX plans foray into equity & derivatives with Rs 400-600 crore investment: Report

The National Commodity & Derivatives Exchange Limited (NCDEX) said that it will foray into the equity and equity derivatives category, signifying a notable transition from its traditional agriculture-centred operations, according to a report by Mint. The board of NCDEX approved the decision to enter in derivates segment on February 12. “The Board of Directors of

Suven Pharmaceuticals Share Price Today Live Updates, 13 Feb, 2025: Suven Pharmaceuticals on the radar

Go to Live UpdatesSuven Pharmaceuticals Share Price Today Live Updates, 13 Feb, 2025: The Suven Pharmaceuticals share is in news and the counter closed trade on 12 Feb, 2025 at Rs 1050.1. The shares touched intraday high of Rs 1071.4 in the last trading session while the intraday low was at Rs 1026.0. The company’s

New Income Tax Bill 2025 Live: FM Sitharaman to introduce the new I-T Bill in Parliament today

Go to Live UpdatesSitharaman to table new Income tax Bill in Parliament LIVE: According to the agenda that the Lok Sabha secretariat circulated on Wednesday, Finance Minister Nirmala Sitharaman will finally table the new Income Tax Bill in the Parliament today. The first draft of the 622-page Bill drew significant attention on Wednesday when it