There is good news for EPFO EPS members as they will get pension directly deposited in their account, it will skip their regular visits to bank branches.
EPS Pension: Pensioners have to visit the bank branch when the first installment of their pension is released by the bank. So after retirement most of the employees have to wait in the town they have a bank account or visit the branch till the procedure related to the pension is completed.
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But now according to the new scheme pension will be deposited immediately upon release. According to the ministry, there would be no need for pensioners to attend the branch for verification when the pension begins after their retirment.
The Central government has approved the Centralised Pension Payments System (CPPS) which will benefit over 78 lakh people under the Employee Pension Scheme (EPS). EPS is a part of the Employees’ Provident Fund Organisation (EPFO).
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EPS: What Is the CPPS Scheme?
EPS pensioners can now get their pensions from any bank in India under the new CPPS scheme. The government will now transition to the Aadhaar-based Payment System (ABPS).
How Will CPPS Benefit Pensioners?
After the retirement pensioners can go to their hometown, as pensions will directly be deposited in their account through a new online system. CPPS will provide a more efficient, seamless, and user-friendly experience for pensioners by leveraging cutting-edge IT and banking technologies.
Pension Payment Orders (PPO)
The centralised system would also ensure the disbursement of pensions throughout India without any need for transfer of Pension Payment Orders (PPO) from one office to another, even when the pensioner moves from one location to another or changes his bank or branch.
This would bring a great relief to pensioners who move to their hometown after retirement.
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EPS: CPPS Start Date
The new CPPS scheme under EPS will start from January 1, 2025.
Ministry On CPPS Scheme
Mansukh Mandaviya, Union Minister of Labour and Employment, said that EPS pensioners can get a pension from any bank, any branch, anywhere in India from January 1, 2025.
According to the ministry, there would be no need for pensioners to attend the branch for verification at the time of pension beginning, and the pension will be deposited immediately upon release.
EPFO is also hoping that there will be a cost reduction in pension disbursement after moving to the new system.
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Mansukh Mandaviya On New Pension System
“The approval of CPPS marks a significant milestone in modernisation of the EPFO. By enabling pensioners to receive their pensions 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,” said the minister.
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