EPFO Successfully Implements Centralized Pension Processing System (CPPS) Across All Regional Offices.
National
On January 3, 2024, the New Delhi-based Employees' Provident Fund Organisation (EPFO) successfully rolled out the Centralized Pension Payments System (CPPS) under the Employees' Pension Scheme (EPS) 1995, nationwide. This initiative aims to enhance ease of living for pensioners by simplifying pension disbursements across all regional offices.
- The CPPS enables pensioners to access their pensions from any bank branch nationwide, eliminating the need for physical verification and simplifying the disbursement process.
- This represents a shift from the earlier decentralized pension system, where zonal or regional offices of EPFO had individual agreements with three to four banks.
Main Point :- (i) The first pilot of the Centralized Pension Payments System (CPPS) was conducted at the Karnal (Haryana), Jammu, and Srinagar (Jammu & Kashmir) regional offices. During this phase, around ₹11 crore was disbursed to more than 49,000 EPS pensioners.
(ii) The second pilot expanded to 24 regional offices, successfully disbursing approximately ₹213 crore in pensions to over 9.3 lakh pensioners.
(iii) The CPPS was fully implemented across all 122 regional offices of EPFO, resulting in the disbursement of ₹1,570 crore in pensions to over 68 lakh pensioners.
About Employees' Provident Fund Organisation (EPFO)
Central Provident Fund Commissioner (CPFC): Ramesh Krishnamurti
Headquarters : New Delhi
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