Lidea Feed

EPFO Tips: EPFO has made a big change, now pensioners will get this benefit..

Shikha Saxena January 04, 2025 06:15 PM

Employees' Provident Fund Organisation (EPFO) pensioners will now be able to withdraw pensions from any bank. EPFO has completed the implementation of the Centralized Pension Payment System (CPPS) in all its regional offices across the country. Giving this information on Friday, the Ministry of Labor said that more than 68 lakh pensioners will benefit from this.

The ministry said that CPPS is a paradigm shift from the existing pension distribution system, which is decentralized. In this, each regional/zonal office of EPFO enters into separate agreements with only three banks. Under CPPS, beneficiaries 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 pension commencement. The amount will be deposited immediately upon release.

Service started in January 2025

From January 2025, the CPPS system will ensure the distribution of pensions across India and there will be no need to transfer the Pension Payment Order (PPO) from one office to another despite the pensioners moving to another place or changing their bank or branch.

Which pensioners will benefit

This will provide great relief to those pensioners who go to their hometowns after retirement. The ministry said in a statement that the first pilot project of CPPS was completed in Karnal, Jammu, and Srinagar regional offices in October last year. In this, a pension of about Rs 11 crore was distributed to more than 49,000 EPS pensioners.

The second pilot project was started in 24 regional offices in November, where a pension of about Rs 213 crore was distributed to more than 9.3 lakh pensioners. As a historic step towards enhancing pension services, the Employees' Provident Fund Organization (EPFO) implemented the new CPPS at a full level in December under the Employees' Pension Scheme 1995.

A pension of about Rs 1,570 crore was distributed to more than 68 lakh pensioners belonging to all 122 pension distribution regional offices of EPFO for December 2024.

Disclaimer: This content has been sourced and edited from tv 9. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.