The Employees’ Provident Fund Organisation (EPFO) has successfully implemented the Centralised Pension Payments System (CPPS) in all its regional offices across India, benefiting over 68 lakh pensioners, the Labour Ministry announced on Friday.
This new system marks a significant change from the earlier decentralised model, where each regional office had separate agreements with a few banks. With CPPS, pensioners can withdraw their pension from any bank without visiting the bank for verification.
The pension amount will be credited instantly upon release.
Starting January 2025, CPPS will enable seamless pension disbursement nationwide, eliminating the need to transfer Pension Payment Orders (PPO) when pensioners move to a new location or change their bank or branch.
This is expected to greatly benefit retirees who relocate to their hometowns after retirement.
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The CPPS was initially piloted in October 2024 in the Karnal, Jammu, and Srinagar regional offices, disbursing ₹11 crore to over 49,000 pensioners. In November, the second phase covered 24 regional offices, disbursing ₹213 crore to more than 9.3 lakh pensioners.
In December 2024, the EPFO completed the full-scale rollout of CPPS under the Employees' Pension Scheme 1995. Over ₹1,570 crore was disbursed to more than 68 lakh pensioners across 122 regional offices.
This initiative is a landmark step towards improving pension services, ensuring quicker, more efficient, and hassle-free pension disbursement for retirees nationwide.
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