EPS pensioners can get pension from any bank, any branch, anywhere in India from January 1, 2025
Centralized Pension Payment System (CPPS) for the Employees' Pension Scheme, 1995 has been approved by the Union Minister of Labour and Employment and the Chairperson of the EPF's Central Board of Trustees. This system will enable EPS pensioners to receive their pensions from any bank, branch, or location in India starting from January 1, 2025, stated a Press Information Bureau release issued on September 4, 2024.
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What is Centralized Pension Payment System (CPPS)
The CPPS represents a significant shift by providing a national-level centralized system that allows pension payout through any bank or branch in India.
Who will it benefit
The Centralized Pension Payment System is estimated to benefit over 78 lakh EPFO EPS pensioners. By leveraging advanced IT and financial technology, pensioners will have a more efficient, seamless, and user-friendly experience. For retirees who relocate to their hometown after retirement, this would be a huge relief.
The current decentralized pension disbursement system, in which each EPFO Zonal/Regional Office maintains individual arrangements with just three to four banks, is replaced by the CPPS. Additionally, pensioners won't need to attend the branch for any kind of verification when their benefits start, and their pension will be credited right away after they are released. Furthermore, EPFO anticipates that switching to the new system will result in a large cost savings in pension payouts.
When will it
