EPFO members will be able to withdraw pension from anywhere in the country, new service will start from this date
EPFO There is good news for the members. They will be able to withdraw their pension quickly from anywhere in the country. Let us tell you that the pilot run of Centralized Pension Payment System (CPPS) has recently been successfully completed, after which the need for transfer of Pension Payment Order (PPO) has been eliminated. After this, the way has been cleared for EPFO members to withdraw pension from anywhere in the country. That is, members included in the Employee Pension Scheme (EPS) can now get their pension from anywhere in the country. According to the information received, this service will start for all EPFO members from January next year i.e. 2025. After this they will be able to withdraw their pension from any part of the country.
Mansukh Mandaviya had announced
Union Labor and Employment Minister Mansukh Mandaviya had last week announced the successful completion of the pilot run of CPPS under the Employees’ Pension Scheme 1995. Speaking on the occasion, the Union Minister said that the pilot run has been completed on 29th and 30th October 2024, under which pension worth about Rs 11 crore will be distributed for October 2024 to more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions.
How will the centralized pension payment system work?
Mandaviya said the approval of CPPS is an important milestone in the modernization of EPFO and enables pensioners to receive their pension 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. He said, “This is an important step in our ongoing efforts to transform EPFO into a more strong, responsive and tech-enabled organization committed to better serving the needs of its members and pensioners.
When will it start for EPFO members across the country?
The new CPPS system will be fully operational by January 2025 as part of EPFO’s ongoing IT modernization project Centralized IT Enabled System (CITES 2.01) and will benefit more than 78 lakh EPS pensioners of EPFO. EPFO has been continuously working towards improving services for EPS pensioners and the new CPPS system is a major improvement in this direction. The 109th meeting of the Executive Committee of the Central Board of EPFO on October 10 discussed steps to enable centralized pension payments as well as improvements in IT related software and hardware and the timeline for completing the overhaul of the IT system. Attention was given. The Executive Committee is a statutory committee under the EPF Act, 1952 whose function is to assist the Central Board, EPF in the discharge of its functions.
Latest Business News
