Union Minister of Labour and Employment, Dr. Mansukh Mandaviya, has approved the Centralised Pension Payment System (CPPS) for the Employees’ Pension Scheme (EPS) 1995, marking a major milestone in pension disbursement. Beginning on 1st January 2025, EPS pensioners will be able to access their pensions from any bank, any branch, anywhere in India.
Dr. Mandaviya, who is also Chairperson of the Central Board of Trustees, EPF, hailed the CPPS as a significant step in modernising the Employees’ Provident Fund Organisation (EPFO). He remarked, “This national-level centralised system is a crucial milestone in transforming the EPFO into a more robust, tech-enabled organisation. It will address the long-standing challenges faced by pensioners, ensuring a seamless and efficient pension disbursement mechanism. This initiative is designed to better serve the needs of our members and pensioners.”
The implementation of the CPPS is expected to benefit more than 78 lakh EPS pensioners by simplifying and streamlining the pension process. By leveraging advanced IT and banking technologies, the new system will provide a more user-friendly experience, removing the need for pensioners to transfer their Pension Payment Orders (PPOs) when they move or change banks.
This shift is part of the EPFO’s Centralised IT Enabled System (CITES 2.01) modernisation project, with the new system set to launch on 1st January 2025. In its next phase, CPPS will transition to an Aadhaar-based payment system (ABPS), enhancing efficiency further.
Dear Reader,
Every day, our team at EastMojo travels through rain, rough roads, and remote hills to bring you stories that matter – stories from your town, your people, your Northeast.
We do this because we believe in truthful, independent journalism. No big corporate backing, no government pressure – just honest reporting by local journalists who live and breathe the same air you do.
But to keep doing this work, we need you. Your small contribution helps us pay our reporters fairly, reach places others ignore, and keep asking the tough questions.
If you believe the Northeast deserves its own fearless voice, stand with us.
Support independent journalism. Be a Member.
Thank you,
Karma Paljor
Editor-in-Chief, eastmojo.com
The new centralised system represents a paradigm shift from the current decentralised model, where Zonal/Regional Offices of EPFO hold individual agreements with a limited number of banks. Under the CPPS, pensioners will no longer need to visit branches for verification at the start of their pension. Once released, the pension will be credited directly into their accounts. Additionally, the EPFO expects a significant reduction in pension disbursement costs with this new system.
This modernisation move is expected to bring immense relief to pensioners, particularly those who relocate or return to their hometowns after retirement.
Also read | Manipur: Tamenglong district court building inaugurated